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Amounts","page_number":9,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"568b81b3-b5c6-4265-bd58-a2e099d5ff27","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":9,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"7385fdfe-0bc1-4ad9-abee-67acbf16fc07","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":9,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"a67c9b75-c1e9-49f3-8211-5a31ea405ad2","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":9,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"744516f3-c89c-41b6-a75f-e9a7d5c2386c","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":9,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"cd1dbaeb-366b-4493-878a-b810d1880cfe","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":9,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"afde5799-c6c6-4017-afe6-88decb65a57c","block_type":"box","text":"extraordinary expenses.","page_number":9,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"8e11f15f-a07b-4d05-9d8d-e2b816613fe1","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":9,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"86610c50-d9ac-4c14-a3e1-f6da7ce14df3","block_type":"box","text":"reflected in the table and example below.","page_number":9,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"130da1dc-9ae9-42b9-a349-7e482d9d63fd","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":9,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"776261f4-f4b3-4982-bcf3-f87685dacbd4","block_type":"box","text":"1","page_number":9,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"d4d17718-f667-4bde-b3bf-9cbcc03a179e","block_type":"box","text":"Management Fee","page_number":9,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"7cf87aa8-89a4-49ee-8b02-12d1bfcbffd5","block_type":"box","text":"0.50%","page_number":9,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"2d10c2b3-3cb2-484a-b855-9c0d28156b34","block_type":"box","text":"Other Expenses","page_number":9,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"2aa15f2d-8a72-481c-9c22-029298043e8f","block_type":"box","text":"0.00%","page_number":9,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"c142990d-76e5-4172-a545-a7beb8fcc379","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":9,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"105f684e-2384-4884-b3c4-47f45c7463d8","block_type":"box","text":"0.50%","page_number":9,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"a175478c-c7b9-4192-8e6e-d0e2d24ae493","block_type":"box","text":"1","page_number":9,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"192d53ed-4002-4453-86d0-18474652ddeb","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":9,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"e94afe82-21aa-478e-9833-696f3a9aa1cd","block_type":"box","text":"Example.","page_number":9,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"08a00390-fd30-43f5-8579-b51e9b2f4482","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":9,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"0c06d2e6-4927-445e-be3c-535e0b6cac4a","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":9,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"65b4fe15-3328-4569-a9a1-b4642c71e23c","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":9,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"b140ae29-27fe-4ec4-becb-58ed3794b382","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":9,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"e5d9420d-e62c-473d-9fcc-fb995574c27d","block_type":"box","text":"your costs would be:","page_number":9,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"b4379214-93bb-453f-a62e-fb9148f324b9","block_type":"box","text":"Expense Example","page_number":9,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"e27b13cd-6aeb-4103-a669-b80581076f12","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":9,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"e6188d7f-b185-454e-b490-9a657e83111e","block_type":"box","text":"Example Fund Costs","page_number":9,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"a6b35815-5961-46ef-bf80-56006f809749","block_type":"box","text":"$51 $160 $280 $628","page_number":9,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"69c7aca6-e518-4880-b32d-98a3b6794cb9","block_type":"box","text":"Portfolio Turnover.","page_number":9,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"99bca0b3-ab55-49b3-9165-e5ed0ae1f74e","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":9,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"a06dd788-688c-4297-bfb9-f3618f6a7563","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":9,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"c27091be-54d1-4f83-9420-dc73754a64c6","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":9,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"eb3025e9-2b99-42bc-95ad-b680b377d5f7","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 33% of","page_number":9,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"9b6bae49-f50e-4eac-b9de-32b3514d0254","block_type":"box","text":"the average value of its portfolio.","page_number":9,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"21acaf9b-8bf9-49a5-8a67-eaedcff96a3e","block_type":"box","text":"Principal Investment Strategies","page_number":9,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"4d29e499-f482-40ed-8452-96aaf0e70ff2","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Asia 50","page_number":9,"box":{"x":52,"y":683,"width":464,"height":8}},{"id":"9e3b7667-f6ea-43e0-a8b1-4522b15998ca","block_type":"box","text":"TM","page_number":9,"box":{"x":517,"y":681,"width":16,"height":5}},{"id":"3b50f7bd-d8b0-4bdd-89fe-76b75bf3fd6c","block_type":"box","text":"Capped Index (the “Underlying Index”), which is a capped","page_number":9,"box":{"x":539,"y":682,"width":403,"height":11}},{"id":"2be44581-e689-4739-bbc9-4f5513af857b","block_type":"box","text":"float-adjusted, market capitalization-weighted index that is designed to measure the performance of the 50 leading","page_number":9,"box":{"x":52,"y":697,"width":819,"height":11}},{"id":"43e9505d-2bb5-4827-a3db-f25ce27b6435","block_type":"box","text":"companies listed in four Asian countries or regions: Hong Kong, Singapore, South Korea and Taiwan, as determined by S&P","page_number":9,"box":{"x":53,"y":711,"width":869,"height":11}},{"id":"d3229042-650c-480c-a5a8-1aa189540aea","block_type":"box","text":"Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index uses a capping methodology at each quarterly","page_number":9,"box":{"x":53,"y":725,"width":886,"height":11}},{"id":"1aa75ac6-52c0-4387-b937-89bea1b5209c","block_type":"box","text":"rebalance to limit: (i) the weight of any single issuer to a maximum of 22.5%, and (ii) the aggregate weight of all issuers that","page_number":9,"box":{"x":53,"y":739,"width":873,"height":11}},{"id":"669403a7-58ce-4e64-a142-9337eff2a11e","block_type":"box","text":"individually exceed 4.5% of the Underlying Index weight to maximum of 45%. In implementing this capping methodology,","page_number":9,"box":{"x":53,"y":754,"width":864,"height":10}},{"id":"a4832e79-f060-4b84-a7e0-b6c77379542a","block_type":"box","text":"SPDJI may consider two or more companies as belonging to the same issuer where there is reasonable evidence of common","page_number":9,"box":{"x":52,"y":768,"width":876,"height":11}},{"id":"b539f47c-9f89-45a8-8de1-1e6860595816","block_type":"box","text":"control. The Underlying Index includes large-capitalization blue-chip companies. As of March 31, 2026, a significant portion","page_number":9,"box":{"x":53,"y":782,"width":879,"height":11}},{"id":"01980c5e-5c3b-40f8-ba52-a2e7ee58a187","block_type":"box","text":"of the Underlying Index was represented by securities of companies in the technology and financials industries or sectors.","page_number":9,"box":{"x":53,"y":796,"width":861,"height":11}},{"id":"534e9893-4043-4138-a7f5-2a522739adfc","block_type":"box","text":"The components of the Underlying Index are likely to change over time.","page_number":9,"box":{"x":52,"y":810,"width":502,"height":11}},{"id":"eeb7d23f-4c2c-4d63-a648-075f38978e80","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":9,"box":{"x":52,"y":833,"width":853,"height":11}},{"id":"dd253aec-c1e3-414e-87b5-7a3392a741c7","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":9,"box":{"x":53,"y":847,"width":839,"height":11}},{"id":"27386bdd-33ed-48c9-ad8d-1af7bd9181de","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":9,"box":{"x":53,"y":862,"width":868,"height":11}},{"id":"ee2f07c3-8f1c-4a6b-a129-0e83062b6381","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":9,"box":{"x":53,"y":876,"width":851,"height":11}},{"id":"6885868e-02a4-453b-970b-9e35cf6bd4e3","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":9,"box":{"x":53,"y":890,"width":806,"height":11}},{"id":"405caae4-a6c9-4f01-8b38-a18beb1baaf6","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":9,"box":{"x":53,"y":904,"width":884,"height":11}},{"id":"914f047c-2098-4b36-a7a8-7d0f8b7bc916","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":9,"box":{"x":52,"y":919,"width":884,"height":10}},{"id":"19954f5e-548c-4473-bcfb-77fa63948c12","block_type":"box","text":"S-1","page_number":9,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"f86dac7e-d563-44bf-a009-6004015e0e84","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":10,"box":{"x":53,"y":46,"width":852,"height":11}},{"id":"b0ff05a2-caba-4d9d-8cef-1ecf1a1ffd3b","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":10,"box":{"x":53,"y":61,"width":867,"height":10}},{"id":"5b8d4555-a531-44ec-8485-6934b9f300ed","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":10,"box":{"x":52,"y":75,"width":869,"height":11}},{"id":"855f4279-71ec-4eac-9121-3e7dea70d104","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":10,"box":{"x":52,"y":89,"width":863,"height":11}},{"id":"468aa296-3ece-46d2-8b3d-82c19a80d520","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":10,"box":{"x":53,"y":103,"width":826,"height":11}},{"id":"fe1cc8d9-d932-4dbd-bba2-31fc6a020963","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":10,"box":{"x":53,"y":118,"width":405,"height":10}},{"id":"f02adea7-dd9e-4858-9920-6d4c72424e78","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":10,"box":{"x":53,"y":140,"width":844,"height":11}},{"id":"619a9bcb-af2c-45e9-8394-658cfe461166","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":10,"box":{"x":53,"y":155,"width":860,"height":11}},{"id":"57d2b13a-d10b-496f-9cc4-85807dcffa5e","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":10,"box":{"x":53,"y":169,"width":831,"height":11}},{"id":"0edbcd54-b15e-4aa0-9c3d-7b6bd2cb7e06","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":10,"box":{"x":53,"y":183,"width":817,"height":11}},{"id":"8881d92e-6e8c-4ae3-87ad-e2448e32afce","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":10,"box":{"x":53,"y":197,"width":818,"height":11}},{"id":"3087347e-ad64-418e-80e7-2e60810c079c","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":10,"box":{"x":53,"y":211,"width":835,"height":11}},{"id":"25820f25-cf82-40ca-b568-73133521c231","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":10,"box":{"x":52,"y":235,"width":873,"height":10}},{"id":"17c3cea7-8167-436a-9e83-42d99a789540","block_type":"box","text":"collateral received).","page_number":10,"box":{"x":53,"y":249,"width":136,"height":9}},{"id":"659d2125-ab06-4ae3-821d-356f1bade49a","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":10,"box":{"x":52,"y":272,"width":861,"height":11}},{"id":"376e8fc6-2363-420f-aa00-bd06a468446a","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":10,"box":{"x":53,"y":286,"width":856,"height":11}},{"id":"c856a44c-d88b-4420-8734-03fd147cd75b","block_type":"box","text":"market value of the Underlying Index.","page_number":10,"box":{"x":53,"y":300,"width":263,"height":11}},{"id":"da61614c-fd47-463b-8ccc-ea62bc2742ee","block_type":"box","text":"Industry Concentration Policy.","page_number":10,"box":{"x":53,"y":323,"width":224,"height":11}},{"id":"a5959818-a18e-4938-a0c2-0fa842016093","block_type":"box","text":"The Fund will concentrate its investments (","page_number":10,"box":{"x":281,"y":323,"width":304,"height":10}},{"id":"d0f76e9b-e6cc-49d1-b16c-bf5896c61192","block_type":"box","text":"i.e.","page_number":10,"box":{"x":587,"y":324,"width":17,"height":8}},{"id":"9183fc9d-efbe-47a1-badc-ebd4a081e0d6","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":10,"box":{"x":606,"y":323,"width":292,"height":10}},{"id":"5275f615-7678-49d1-adb6-b55ce61aa044","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":10,"box":{"x":53,"y":338,"width":858,"height":11}},{"id":"ec59d0fb-1021-4ea6-8341-78d285e40120","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":10,"box":{"x":53,"y":352,"width":868,"height":11}},{"id":"52195fd5-945f-4d41-a5b0-cdde7d5b40ab","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":10,"box":{"x":53,"y":366,"width":826,"height":11}},{"id":"37cbe5b8-e71f-4492-94b3-beee81663fe3","block_type":"box","text":"Summary of Principal Risks","page_number":10,"box":{"x":52,"y":395,"width":248,"height":13}},{"id":"632588af-372d-4f9c-9dba-eeac2a02a790","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":10,"box":{"x":52,"y":420,"width":881,"height":11}},{"id":"c9a7111a-3b45-4593-9a47-43e93e4c240d","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":10,"box":{"x":53,"y":434,"width":824,"height":11}},{"id":"9594b225-544c-458a-97de-776f06e91f1c","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":10,"box":{"x":53,"y":448,"width":807,"height":11}},{"id":"e3884657-6ed1-4aa4-a0fb-9796759e3793","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":10,"box":{"x":53,"y":463,"width":844,"height":11}},{"id":"7450babb-9fea-49fd-b60e-5d97e08927f5","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":10,"box":{"x":52,"y":477,"width":815,"height":11}},{"id":"70ab8446-e614-4804-b87a-56e98ec28dfb","block_type":"box","text":"Risk of Investing in Asia.","page_number":10,"box":{"x":53,"y":500,"width":179,"height":11}},{"id":"53023db4-9ad7-439a-9b2f-8e4ec5e75b49","block_type":"box","text":"Investments in Asian issuers subject the Fund to legal, regulatory, political, economic, currency,","page_number":10,"box":{"x":237,"y":500,"width":673,"height":11}},{"id":"106d6376-b124-4e73-bad1-55525d1ce554","block_type":"box","text":"geographic and security risks that are specific to Asia. There is no guarantee that the economic growth and industrialization","page_number":10,"box":{"x":53,"y":514,"width":875,"height":11}},{"id":"d16a3378-488b-4f5a-b42d-06c4f12e463f","block_type":"box","text":"in certain Asian economies will continue. Certain Asian countries have experienced expropriation and/or nationalization of","page_number":10,"box":{"x":53,"y":529,"width":866,"height":10}},{"id":"85c7480d-a0a8-4d95-88ea-ff6ed2180778","block_type":"box","text":"assets, confiscatory taxation, currency devaluations and restrictions, political or social instability, and armed conflict. An","page_number":10,"box":{"x":53,"y":543,"width":848,"height":11}},{"id":"e9d9effc-50ba-41e8-97be-5e46f18661ca","block_type":"box","text":"adverse economic or political event in one Asian country may negatively affect countries throughout the region. In particular,","page_number":10,"box":{"x":53,"y":557,"width":882,"height":11}},{"id":"db1f430f-6a61-4426-9ce4-ae0581475ae1","block_type":"box","text":"because many Asian countries depend significantly on international trade, shifts in relationships with key trading partners,","page_number":10,"box":{"x":53,"y":571,"width":868,"height":11}},{"id":"14d9f63f-db08-4839-ac7b-9d29a88a9858","block_type":"box","text":"such as China and the U.S., may have a region-wide economic impact. Regional geopolitical risks include the historical","page_number":10,"box":{"x":52,"y":585,"width":838,"height":11}},{"id":"c7602533-6f53-465a-9da3-3331bb8e31fa","block_type":"box","text":"tensions between South Korea and North Korea, China’s complex territorial dispute regarding the sovereignty of Taiwan and","page_number":10,"box":{"x":52,"y":599,"width":875,"height":11}},{"id":"81e2bedf-f769-411f-b59a-ec0e3cca631e","block_type":"box","text":"its pledge to take control of Taiwan, and frictions between China and the Philippines in the South China Sea.","page_number":10,"box":{"x":53,"y":614,"width":763,"height":10}},{"id":"299ecf91-3e4c-4cff-aad1-8066a3b5efdb","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":10,"box":{"x":53,"y":637,"width":278,"height":11}},{"id":"d21e7412-5610-445c-8803-a16b17485750","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":10,"box":{"x":337,"y":637,"width":540,"height":11}},{"id":"f14d73d1-e566-454a-8d4d-2b85f9ded777","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":10,"box":{"x":53,"y":651,"width":890,"height":11}},{"id":"9e98722b-d80f-4578-8bb4-775e8bbdf465","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":10,"box":{"x":53,"y":665,"width":868,"height":11}},{"id":"62f01ae9-3740-4f66-be05-81b81d59d144","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":10,"box":{"x":53,"y":679,"width":709,"height":11}},{"id":"92f7aba2-1743-47e9-85e1-e5d21de7a53a","block_type":"box","text":"Equity Securities Risk.","page_number":10,"box":{"x":53,"y":703,"width":164,"height":10}},{"id":"b824031d-7ff7-4a2d-9b5a-ee067774ca0b","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":10,"box":{"x":223,"y":703,"width":709,"height":10}},{"id":"08dbe990-6366-4b2c-bae2-8c47142d46cd","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":10,"box":{"x":53,"y":717,"width":889,"height":11}},{"id":"1f6b6351-f16e-4a10-adab-c5d8fc32ef5d","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":10,"box":{"x":53,"y":731,"width":880,"height":11}},{"id":"2971c55d-7123-44bd-ac33-bc28acbdfeea","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":10,"box":{"x":53,"y":745,"width":867,"height":11}},{"id":"b671c2e2-c0da-4062-907e-75b2f6e2edf0","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":10,"box":{"x":53,"y":759,"width":339,"height":11}},{"id":"911adfe3-d821-46e5-8b9b-f92d8ff26cdc","block_type":"box","text":"Market Risk.","page_number":10,"box":{"x":53,"y":782,"width":91,"height":9}},{"id":"7478264c-c346-4694-9229-a188db33f437","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":10,"box":{"x":148,"y":783,"width":768,"height":10}},{"id":"14b81f13-912e-4266-8a11-bdb3e2f8d8f9","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":10,"box":{"x":53,"y":797,"width":882,"height":11}},{"id":"7d322e66-052d-4bae-a782-3692d4d0312b","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":10,"box":{"x":53,"y":811,"width":858,"height":11}},{"id":"af482326-c393-425e-9b85-b93d184174fa","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":10,"box":{"x":53,"y":825,"width":875,"height":11}},{"id":"0cbbff59-36b7-49ea-84f1-79d3f5be7797","block_type":"box","text":"Fund’s NAV.","page_number":10,"box":{"x":53,"y":839,"width":82,"height":9}},{"id":"8a42e57d-8990-4e9a-8c05-00e74dbfbd47","block_type":"box","text":"Index-Related Risk.","page_number":10,"box":{"x":53,"y":862,"width":143,"height":9}},{"id":"d06b5d44-861e-4cff-b08d-ecb3a8db0065","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":10,"box":{"x":201,"y":862,"width":742,"height":11}},{"id":"adc06161-3c3b-4b99-91d2-fb7822762665","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":10,"box":{"x":53,"y":877,"width":856,"height":10}},{"id":"9a5974c3-d9e1-4a17-99c2-7e6c1b5de4ae","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":10,"box":{"x":53,"y":891,"width":852,"height":11}},{"id":"d4cfb9a3-8043-4f15-8207-a9deb08b4a7c","block_type":"box","text":"S-2","page_number":10,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"cf75cb27-f46d-4d7c-a6b6-b84616aae352","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":11,"box":{"x":53,"y":47,"width":876,"height":10}},{"id":"6a32100e-39d5-4ff2-86c6-edba16fd88ce","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":11,"box":{"x":52,"y":61,"width":849,"height":10}},{"id":"b6ff458e-5fe2-49f4-854d-11bc22c03fe8","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":11,"box":{"x":53,"y":75,"width":849,"height":11}},{"id":"208a55a9-f92f-46f4-b4ff-ef2e57b6a1b7","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":11,"box":{"x":53,"y":89,"width":890,"height":11}},{"id":"5fbbacf1-23e8-48f3-8dfc-b3a4bde4553b","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":11,"box":{"x":53,"y":103,"width":853,"height":11}},{"id":"8725ea68-67c6-451f-9129-2bfd06405435","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":11,"box":{"x":53,"y":117,"width":539,"height":11}},{"id":"231cc3a0-c179-4a70-826f-2a39387b7d6c","block_type":"box","text":"Asset Class Risk.","page_number":11,"box":{"x":52,"y":140,"width":122,"height":9}},{"id":"69c9356f-6445-42f9-85bb-4dbb7aae0d46","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":11,"box":{"x":179,"y":140,"width":721,"height":11}},{"id":"998c5482-5910-40d7-b117-83113de0d30c","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":11,"box":{"x":53,"y":155,"width":774,"height":11}},{"id":"5252959c-455f-4c89-9e6b-707b980cb2bb","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":11,"box":{"x":52,"y":178,"width":318,"height":10}},{"id":"2f77b3ce-33bc-4c9e-93ac-aa590e10262c","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":11,"box":{"x":374,"y":178,"width":531,"height":11}},{"id":"54591e58-6a3b-4ea7-8e95-88baeb16f6d0","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":11,"box":{"x":53,"y":192,"width":810,"height":11}},{"id":"0d73de4e-a50b-4ca7-bb0d-57d1b2332976","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":11,"box":{"x":52,"y":206,"width":816,"height":11}},{"id":"09f3986b-9af3-43fa-8167-07485a0b771c","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":11,"box":{"x":52,"y":221,"width":884,"height":10}},{"id":"eb28d0e7-d1a9-4948-baba-b813181b010a","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":11,"box":{"x":53,"y":235,"width":871,"height":10}},{"id":"3015a1f2-c4d5-4c08-b95f-c5bbacf59224","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":11,"box":{"x":53,"y":249,"width":846,"height":11}},{"id":"14ed49f4-73c5-4292-93d2-952efc8fc856","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":11,"box":{"x":52,"y":263,"width":881,"height":10}},{"id":"6f98197b-96b0-41ef-b3ea-74ae6798002f","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":11,"box":{"x":53,"y":277,"width":853,"height":11}},{"id":"854b4551-37f8-4429-8a4e-b06e855325d3","block_type":"box","text":"halts or delisting.","page_number":11,"box":{"x":53,"y":292,"width":121,"height":10}},{"id":"b6d074ea-c7d9-488a-912a-1fdaace7606f","block_type":"box","text":"Concentration Risk.","page_number":11,"box":{"x":53,"y":314,"width":145,"height":9}},{"id":"81185c0e-4901-4a50-97d2-4a1f4f780e44","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":11,"box":{"x":202,"y":315,"width":711,"height":10}},{"id":"ca327794-b9e0-4510-b1d5-fe61a54769c2","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":11,"box":{"x":53,"y":329,"width":884,"height":10}},{"id":"8228ccda-30f1-434a-91f7-a41a82cca283","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":11,"box":{"x":52,"y":343,"width":887,"height":11}},{"id":"1f7e651d-3ab5-4cde-933e-e650b0eb600b","block_type":"box","text":"asset classes.","page_number":11,"box":{"x":53,"y":357,"width":95,"height":9}},{"id":"dfdda22a-047f-49fe-a492-5c6c75c0c047","block_type":"box","text":"Currency Risk.","page_number":11,"box":{"x":53,"y":380,"width":106,"height":11}},{"id":"6fc1aa93-198e-4113-986a-6f5ade5d4965","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":11,"box":{"x":164,"y":380,"width":751,"height":11}},{"id":"846ceb4a-bca8-4f4b-b976-fb8e8542b9e5","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":11,"box":{"x":53,"y":394,"width":842,"height":11}},{"id":"539b3f34-a739-4030-85fe-8d28e13d18c9","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":11,"box":{"x":52,"y":409,"width":854,"height":10}},{"id":"012b1127-f5f1-4d4a-a0b7-86a635816f79","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":11,"box":{"x":53,"y":423,"width":869,"height":11}},{"id":"ef6f01a7-58ca-4219-9f15-d13517784ba1","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":11,"box":{"x":53,"y":437,"width":309,"height":11}},{"id":"d40e5214-d3d3-43b1-b4b3-87abd17c7b48","block_type":"box","text":"Custody Risk.","page_number":11,"box":{"x":53,"y":460,"width":99,"height":11}},{"id":"606fa268-1108-40b9-b5f8-936096eecf46","block_type":"box","text":"Less developed securities markets are more likely to experience problems with the clearing and settlement of","page_number":11,"box":{"x":158,"y":460,"width":769,"height":11}},{"id":"0df5afe1-5dfb-403d-8e20-0a56421acbcc","block_type":"box","text":"trades, as well as the custody of securities and other assets by local banks, agents and depositories. These issues may have an","page_number":11,"box":{"x":52,"y":474,"width":890,"height":11}},{"id":"29b9820e-09d5-42e4-bd20-b6c9bc57335b","block_type":"box","text":"adverse impact on the Fund, including losses or delays in payments, delivery or recovery of money or other assets.","page_number":11,"box":{"x":53,"y":489,"width":804,"height":10}},{"id":"4c1bd8ac-02c8-4aad-85f9-dfb367b225ce","block_type":"box","text":"Financial Companies Risk.","page_number":11,"box":{"x":53,"y":512,"width":193,"height":10}},{"id":"0575cae5-2836-4527-afa9-a58f94baa6ad","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":11,"box":{"x":251,"y":512,"width":683,"height":11}},{"id":"8c045388-bd87-4874-a117-b86515d39220","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":11,"box":{"x":52,"y":526,"width":864,"height":11}},{"id":"93b88eab-edb8-4eb9-8765-88082ebf8af7","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":11,"box":{"x":53,"y":540,"width":812,"height":11}},{"id":"bce9459b-f0ee-4024-a2dc-5199455b7f13","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":11,"box":{"x":52,"y":554,"width":880,"height":11}},{"id":"f5f0c609-2c4a-40da-8ca5-c39bb63af0bb","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":11,"box":{"x":53,"y":569,"width":612,"height":10}},{"id":"04c1bf77-7390-4d37-a8b8-4325d4e69ec9","block_type":"box","text":"Issuer Risk.","page_number":11,"box":{"x":53,"y":592,"width":83,"height":8}},{"id":"c8be74ce-45bc-4982-b5d6-6316f81f74ad","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":11,"box":{"x":140,"y":592,"width":780,"height":10}},{"id":"df82ef83-7db5-475c-871e-ce660d038abc","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":11,"box":{"x":53,"y":606,"width":886,"height":11}},{"id":"afb7c4bd-c564-49cb-b97f-f4f4a9d99fe8","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":11,"box":{"x":52,"y":620,"width":576,"height":11}},{"id":"ec22658d-a4d3-4b68-8bd5-b879f7ad1c34","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":11,"box":{"x":53,"y":643,"width":395,"height":11}},{"id":"a4c2aa2c-0a8b-4949-88e8-fb02ad24cfc4","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":11,"box":{"x":453,"y":643,"width":410,"height":11}},{"id":"f6929960-2185-4324-9088-329ec064adf6","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":11,"box":{"x":53,"y":657,"width":883,"height":11}},{"id":"8c9cc073-b57e-4bf3-b163-b0cc3b83982f","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":11,"box":{"x":52,"y":672,"width":884,"height":10}},{"id":"e1248c2a-3012-421d-87e1-1d40bf6e0e4c","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":11,"box":{"x":53,"y":686,"width":872,"height":11}},{"id":"360e7010-82b9-4bc6-bb81-4cc60340e715","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":11,"box":{"x":53,"y":700,"width":812,"height":11}},{"id":"af1b2f12-76f8-4292-a8c8-576f32e3e314","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":11,"box":{"x":53,"y":714,"width":890,"height":11}},{"id":"f1880cd5-7726-495b-9e13-602699a08e05","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":11,"box":{"x":52,"y":729,"width":891,"height":9}},{"id":"69a6d703-599c-4a67-a193-41b80f5369f8","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":11,"box":{"x":53,"y":743,"width":836,"height":10}},{"id":"4881e0ab-3bfa-4d50-982b-a04de31c5b5e","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":11,"box":{"x":53,"y":757,"width":810,"height":11}},{"id":"0310508c-e600-4bb0-9c93-8914388c6e37","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":11,"box":{"x":53,"y":771,"width":861,"height":11}},{"id":"39fd045a-198f-47b5-a9b4-dd91b6b09ece","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":11,"box":{"x":53,"y":785,"width":875,"height":11}},{"id":"0ce9389f-fbb6-45f7-96bb-1b787c65de3a","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":11,"box":{"x":52,"y":799,"width":654,"height":11}},{"id":"e772df6c-66b3-45df-adf4-f59d4d923caa","block_type":"box","text":"Management Risk.","page_number":11,"box":{"x":53,"y":822,"width":137,"height":11}},{"id":"385dd3ec-3568-4537-a898-4e8ca944cc18","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":11,"box":{"x":194,"y":822,"width":711,"height":11}},{"id":"002d87b0-cfb2-4d34-8466-c969b4e50daa","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":11,"box":{"x":53,"y":837,"width":877,"height":10}},{"id":"a535d4c1-84a7-463b-b6b5-c7b4ae7532cd","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":11,"box":{"x":53,"y":851,"width":859,"height":11}},{"id":"7551c8f6-47b4-4778-a458-92f3d3490d1a","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":11,"box":{"x":52,"y":865,"width":848,"height":11}},{"id":"24af9ecb-4c87-4d8b-8a87-4fd87a582771","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":11,"box":{"x":53,"y":879,"width":756,"height":11}},{"id":"a6516b4d-3f59-4c57-be6c-4f092363ed81","block_type":"box","text":"S-3","page_number":11,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"9078090b-c08e-48c9-bac7-1d6cbdf1fe49","block_type":"box","text":"Market Trading Risk.","page_number":12,"box":{"x":53,"y":46,"width":152,"height":11}},{"id":"ae32f7d4-6552-4a70-9ff3-6867b8d92801","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":12,"box":{"x":209,"y":46,"width":694,"height":11}},{"id":"d6e64560-6ef0-4fcc-959d-008dfd532deb","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":12,"box":{"x":53,"y":61,"width":841,"height":10}},{"id":"9042c3b3-c3c0-4933-ba94-866142d522e7","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":12,"box":{"x":53,"y":75,"width":887,"height":11}},{"id":"1446239e-688e-4d3a-8758-c9b12c39c6a0","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":12,"box":{"x":52,"y":89,"width":839,"height":11}},{"id":"60e0b3d3-a0d2-400f-826d-2161931c85d8","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":12,"box":{"x":53,"y":103,"width":866,"height":11}},{"id":"1d0ea9df-fa1c-4bd4-8dfd-0b62ae52466e","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":12,"box":{"x":52,"y":117,"width":885,"height":11}},{"id":"62ef2dc9-3fe1-4ee8-8c8d-729adadcb49f","block_type":"box","text":"of the Fund shares.","page_number":12,"box":{"x":53,"y":131,"width":134,"height":9}},{"id":"3c46d791-2670-4bcf-a0f1-c83c5a73bf5e","block_type":"box","text":"National Closed Market Trading Risk.","page_number":12,"box":{"x":53,"y":155,"width":273,"height":11}},{"id":"c9d73439-6f28-4a54-b522-bb564af9fda5","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":12,"box":{"x":330,"y":155,"width":544,"height":11}},{"id":"cea1dea5-fe22-4dd3-99b5-798dffe9ce21","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":12,"box":{"x":53,"y":169,"width":874,"height":11}},{"id":"8e471807-6cc7-4ab7-9c9f-88ae1ff003e6","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":12,"box":{"x":52,"y":183,"width":651,"height":11}},{"id":"588dd093-0b94-4ba6-a4cc-9cdd48faf686","block_type":"box","text":"i.e","page_number":12,"box":{"x":704,"y":183,"width":15,"height":9}},{"id":"7228338a-441a-479f-b502-1d3e0ced16cc","block_type":"box","text":"., the quote from the closed","page_number":12,"box":{"x":720,"y":183,"width":191,"height":11}},{"id":"56c9b6ef-7e51-4f13-9841-0daa5fd39c59","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":12,"box":{"x":52,"y":197,"width":880,"height":11}},{"id":"09f27c63-cf87-4d1f-8f65-ed7749adafa4","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":12,"box":{"x":52,"y":211,"width":849,"height":11}},{"id":"34346b94-f02a-4573-9a6b-e03f2298037d","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":12,"box":{"x":53,"y":226,"width":850,"height":10}},{"id":"0e63b1d6-2585-428a-aaed-ac256cae8d73","block_type":"box","text":"funds.","page_number":12,"box":{"x":52,"y":240,"width":44,"height":8}},{"id":"7793f2e0-3aed-41e0-a71c-b4838f8f0efe","block_type":"box","text":"Non-Diversification Risk.","page_number":12,"box":{"x":53,"y":263,"width":184,"height":8}},{"id":"6a393680-85b4-4ff7-8553-e9dcb1d0b534","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":12,"box":{"x":242,"y":263,"width":633,"height":10}},{"id":"5b8785c4-d7fb-42b4-b929-79d6fd454dcb","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":12,"box":{"x":53,"y":277,"width":802,"height":11}},{"id":"2db19ae0-9c18-437a-9109-b2e3d1dc23ed","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":12,"box":{"x":53,"y":291,"width":888,"height":11}},{"id":"c348a83d-bbac-444d-821a-faef4fc5a341","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":12,"box":{"x":53,"y":306,"width":876,"height":10}},{"id":"3c2eec6d-a946-49f8-b1fb-f0a3f4337756","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":12,"box":{"x":53,"y":320,"width":696,"height":11}},{"id":"10ac5c4c-6281-4cd1-a2e7-fe148926e9e8","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":12,"box":{"x":53,"y":343,"width":182,"height":8}},{"id":"da8e3788-c4c7-47ef-be00-39fa9ab9e811","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":12,"box":{"x":240,"y":343,"width":687,"height":11}},{"id":"4f340b0e-9258-460f-bd2f-53a426419c54","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":12,"box":{"x":53,"y":357,"width":853,"height":11}},{"id":"99307612-d724-40ce-93e9-211a0529d87e","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":12,"box":{"x":52,"y":371,"width":847,"height":11}},{"id":"2b8fb889-7f33-473f-99e9-9438d039344b","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":12,"box":{"x":53,"y":385,"width":889,"height":11}},{"id":"8f496c07-afee-4158-831e-cc89a7c04226","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":12,"box":{"x":53,"y":400,"width":842,"height":10}},{"id":"d4bf9a2c-1e0c-4dfd-ad21-2deeecf68643","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":12,"box":{"x":53,"y":414,"width":831,"height":11}},{"id":"99eff557-7d4f-4719-be77-05463d29b88c","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":12,"box":{"x":53,"y":428,"width":821,"height":11}},{"id":"cc625a55-ae80-426b-bb41-fe0c6d296db0","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":12,"box":{"x":53,"y":442,"width":871,"height":11}},{"id":"ac2d88c5-fa14-43e5-a7de-5a4b96794d61","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":12,"box":{"x":53,"y":456,"width":289,"height":11}},{"id":"d997d9eb-0a27-45df-a980-f67e281b83c1","block_type":"box","text":"Asian Economic Risk","page_number":12,"box":{"x":346,"y":456,"width":154,"height":9}},{"id":"57d73216-c79c-4d09-9369-f57f13fb4935","block_type":"box","text":".","page_number":12,"box":{"x":501,"y":463,"width":2,"height":2}},{"id":"4e310f71-e008-4f40-9b2d-bfa137fff949","block_type":"box","text":"Operational and Technology Risks.","page_number":12,"box":{"x":53,"y":479,"width":254,"height":11}},{"id":"ba53b82b-77e0-4f1f-b4c6-2c4a95f99563","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":12,"box":{"x":312,"y":480,"width":581,"height":10}},{"id":"8b9f0b82-8bb5-429d-aff9-46377ef87188","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":12,"box":{"x":53,"y":494,"width":876,"height":11}},{"id":"ac1b19f8-ac35-47c3-9bf5-c90c83e84fac","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":12,"box":{"x":53,"y":508,"width":879,"height":11}},{"id":"be099e3d-f831-4e5d-bfa2-3f1e0bb5c5cd","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":12,"box":{"x":53,"y":522,"width":825,"height":11}},{"id":"05aa8b59-d9f0-4d98-9312-9a5d3cfd19f3","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":12,"box":{"x":53,"y":536,"width":862,"height":11}},{"id":"a4e4af74-e951-4618-b360-5ce0885da25b","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":12,"box":{"x":53,"y":550,"width":872,"height":11}},{"id":"c4523a44-e78f-47f0-844a-1f1222a2601c","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":12,"box":{"x":53,"y":565,"width":824,"height":10}},{"id":"05561881-3188-467b-ae44-528f93fdb5ec","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":12,"box":{"x":53,"y":588,"width":253,"height":11}},{"id":"b3c84055-a552-4faa-861c-3a35ea12bac8","block_type":"box","text":"The Fund invests in countries or regions whose economies are heavily dependent upon","page_number":12,"box":{"x":310,"y":588,"width":614,"height":11}},{"id":"ab999972-ab06-44c4-b74d-f8efb0254a1f","block_type":"box","text":"trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments.","page_number":12,"box":{"x":52,"y":602,"width":786,"height":11}},{"id":"12d3a623-5c7a-471a-a6cc-577729c4da6d","block_type":"box","text":"Risk of Investing in China.","page_number":12,"box":{"x":53,"y":625,"width":191,"height":11}},{"id":"9bae77fb-798c-4474-968a-a11e90e8167c","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":12,"box":{"x":250,"y":625,"width":678,"height":11}},{"id":"ae8f78bf-c126-4a17-92bb-8595c1d5e379","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":12,"box":{"x":53,"y":638,"width":819,"height":11}},{"id":"6cfc8da6-82c6-4931-a11d-6bb9a0bc9254","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":12,"box":{"x":53,"y":651,"width":866,"height":11}},{"id":"84668a62-5349-4642-bf87-ea1410b2419c","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":12,"box":{"x":53,"y":664,"width":866,"height":11}},{"id":"aee8b48b-0c9f-4d37-8113-ccecf35a0b89","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":12,"box":{"x":52,"y":677,"width":841,"height":11}},{"id":"496001e3-7731-43df-94d5-313fa2fb9f4a","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":12,"box":{"x":53,"y":690,"width":864,"height":11}},{"id":"e4efc04b-7a80-43a8-985c-0296e30351d5","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":12,"box":{"x":52,"y":703,"width":861,"height":10}},{"id":"89d6f894-be5c-438a-acf2-caa8f182c2d7","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":12,"box":{"x":53,"y":715,"width":869,"height":11}},{"id":"fcd51d1a-1c67-404c-9b76-36841ca731df","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":12,"box":{"x":53,"y":728,"width":783,"height":11}},{"id":"f048c5da-3e6b-48e1-961e-2337f59a546a","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":12,"box":{"x":53,"y":750,"width":887,"height":11}},{"id":"cc8d991f-6607-41b3-9999-168c28ba22b2","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":12,"box":{"x":52,"y":763,"width":834,"height":11}},{"id":"81d99386-6797-4d31-b134-3b5d24a34a52","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":12,"box":{"x":52,"y":776,"width":845,"height":11}},{"id":"02bf6e6a-5996-436e-9e86-00141513c86e","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":12,"box":{"x":53,"y":789,"width":876,"height":11}},{"id":"74422c51-36c4-4a69-98c9-ace5ced1c575","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":12,"box":{"x":53,"y":802,"width":834,"height":11}},{"id":"08c88c47-658e-445c-9806-f5b04f75f679","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":12,"box":{"x":53,"y":815,"width":421,"height":11}},{"id":"fb2b8195-6540-44a1-8d63-3f9a85f8660d","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":12,"box":{"x":52,"y":837,"width":849,"height":10}},{"id":"e26b33b5-d267-4dcd-8200-d2c256498f94","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":12,"box":{"x":53,"y":849,"width":886,"height":11}},{"id":"5ac68112-2b45-4cf5-b475-eece8f2ec371","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":12,"box":{"x":53,"y":862,"width":878,"height":11}},{"id":"ae830699-1481-4ff7-b770-8a4091ef4640","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":12,"box":{"x":53,"y":875,"width":874,"height":11}},{"id":"2e8ae2d3-3479-492b-93a1-2052f8b0a735","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":12,"box":{"x":53,"y":888,"width":878,"height":11}},{"id":"c4b95263-6d43-4153-8895-da40f2da55f6","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":12,"box":{"x":53,"y":901,"width":807,"height":11}},{"id":"e2110472-5202-4851-9923-85a6b7b3e792","block_type":"box","text":"S-4","page_number":12,"box":{"x":493,"y":944,"width":25,"height":8}},{"id":"194b82fd-2f47-42a4-84f6-97f3b0b07fe7","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":13,"box":{"x":53,"y":47,"width":890,"height":10}},{"id":"aac03bfd-142c-4582-a860-89c780c8d51b","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":13,"box":{"x":52,"y":59,"width":471,"height":11}},{"id":"5fc6d682-2c75-4767-b5f4-4ffade3dc079","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":13,"box":{"x":53,"y":81,"width":883,"height":11}},{"id":"668ec741-e235-4058-96cc-9fbd7b922433","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":13,"box":{"x":53,"y":94,"width":850,"height":11}},{"id":"0030edc2-f711-49c7-b4d8-76e5e94a640e","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":13,"box":{"x":53,"y":107,"width":861,"height":11}},{"id":"8366ad64-f1a3-4ec7-af5f-ef6c31d7b1e3","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":13,"box":{"x":53,"y":120,"width":850,"height":11}},{"id":"1b78d5da-dd0b-471d-97f4-399ef77db46b","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":13,"box":{"x":53,"y":133,"width":883,"height":11}},{"id":"90ea46d0-81fb-4af4-ab2c-021d4581418a","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":13,"box":{"x":52,"y":146,"width":860,"height":11}},{"id":"2443f275-bb53-4577-8c39-07bcebbbdee6","block_type":"box","text":"have limited legal remedies.","page_number":13,"box":{"x":53,"y":159,"width":196,"height":10}},{"id":"37cfdee1-7554-4863-bc68-fbb4f0fa9e5e","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":13,"box":{"x":53,"y":180,"width":845,"height":11}},{"id":"a1b67059-571d-4195-a4e3-55c4fd801337","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":13,"box":{"x":52,"y":193,"width":836,"height":11}},{"id":"98d5f1cb-59c3-483a-a001-c1321cfafcd1","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":13,"box":{"x":53,"y":206,"width":851,"height":11}},{"id":"a1a4fe06-c4c3-4c63-a840-0e5fbb9c5af8","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":13,"box":{"x":52,"y":219,"width":779,"height":11}},{"id":"db470606-405a-4a58-8070-feb9d2cf603f","block_type":"box","text":"considerations.","page_number":13,"box":{"x":53,"y":232,"width":107,"height":9}},{"id":"5a3049f8-04f3-4f64-b4b1-bbaa3b9ebd8f","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":13,"box":{"x":53,"y":254,"width":302,"height":11}},{"id":"a2c7fae7-7030-4e11-ae49-668f7ddaeca9","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":13,"box":{"x":359,"y":254,"width":581,"height":11}},{"id":"af7d4ba5-4fe9-4513-ad82-55e6509004cd","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":13,"box":{"x":53,"y":267,"width":868,"height":11}},{"id":"32562df2-262a-4deb-b50f-00b90828cfce","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":13,"box":{"x":52,"y":280,"width":871,"height":11}},{"id":"7c46229c-1acd-427a-90a6-069e9ebb1492","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":13,"box":{"x":52,"y":293,"width":875,"height":10}},{"id":"cd45d553-be51-419b-803f-5a1f1c91a55b","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":13,"box":{"x":52,"y":305,"width":877,"height":11}},{"id":"396c5c71-f8d2-4551-89c7-f84d36279900","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":13,"box":{"x":53,"y":318,"width":887,"height":11}},{"id":"5747dcae-d71e-4be8-944e-a88f3c922c70","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":13,"box":{"x":53,"y":331,"width":836,"height":11}},{"id":"14be0e7f-f01b-4fbb-9bd5-73ffe87b4687","block_type":"box","text":"availability of certain commodities.","page_number":13,"box":{"x":53,"y":344,"width":246,"height":11}},{"id":"979ef99a-40ce-48eb-820d-aeb74eb9f6fa","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":13,"box":{"x":53,"y":366,"width":285,"height":11}},{"id":"da06cb5e-56cf-457b-b54b-f889f6e80354","block_type":"box","text":"Investments in emerging markets may be subject to a greater risk of loss than","page_number":13,"box":{"x":344,"y":366,"width":547,"height":11}},{"id":"59207e95-f871-4ebd-9cda-6a57bd8e099a","block_type":"box","text":"investments in more developed markets. The risks of emerging markets may include, among others, greater market volatility;","page_number":13,"box":{"x":53,"y":379,"width":880,"height":11}},{"id":"caca8084-3de2-4dc0-be81-b48388e8e98e","block_type":"box","text":"political, legal, economic, and social instability; less developed securities markets, including settlement, custody and","page_number":13,"box":{"x":53,"y":392,"width":822,"height":11}},{"id":"15af7f3a-d214-49df-a04a-3d10770230cd","block_type":"box","text":"valuation processes; government expropriation or nationalization of assets; greater volatility in currency exchange rates; more","page_number":13,"box":{"x":52,"y":405,"width":891,"height":11}},{"id":"19ccf92c-0db2-466c-ae83-f7598f1a3428","block_type":"box","text":"capital controls; less governmental supervision and regulation; and less stringent accounting, auditing and disclosure","page_number":13,"box":{"x":53,"y":418,"width":834,"height":11}},{"id":"ab492fd0-d5de-4c66-b681-d4208b6144c2","block_type":"box","text":"requirements. There may be significant obstacles to obtaining information necessary for investigations into or litigation","page_number":13,"box":{"x":53,"y":431,"width":845,"height":10}},{"id":"5da3a990-04e0-4372-9bbc-5f5896c5dc97","block_type":"box","text":"against companies, and shareholders may have limited legal remedies. The Fund does not select investments based on","page_number":13,"box":{"x":53,"y":444,"width":841,"height":10}},{"id":"be6685d9-79db-492c-85aa-1ccb4eb42603","block_type":"box","text":"investor protection considerations. Emerging market securities may face liquidity challenges, and the Fund may be unable to","page_number":13,"box":{"x":53,"y":456,"width":884,"height":11}},{"id":"cf8d0756-db4e-431c-8a8c-1f0b81aa5b3e","block_type":"box","text":"liquidate its positions in such securities at a favorable time or price.","page_number":13,"box":{"x":53,"y":469,"width":475,"height":11}},{"id":"7e928ce1-4023-495d-be13-8874a2b4a211","block_type":"box","text":"Risk of Investing in South Korea.","page_number":13,"box":{"x":53,"y":491,"width":239,"height":11}},{"id":"e2b5d7e7-f135-4825-8ed7-743eac06bae0","block_type":"box","text":"Investing in South Korean issuers subjects the Fund to legal, regulatory, political,","page_number":13,"box":{"x":297,"y":491,"width":571,"height":11}},{"id":"3cb81453-3e91-417e-961d-f6a4b9c8ecb0","block_type":"box","text":"economic, currency, geographic and security risks that are specific to South Korea. The South Korean economy depends","page_number":13,"box":{"x":53,"y":504,"width":847,"height":11}},{"id":"85e97a90-90c6-487a-a6db-23d41ef59318","block_type":"box","text":"heavily on exports and may be adversely affected by reduced demand, trade conflicts, supply chain disruptions and currency","page_number":13,"box":{"x":53,"y":517,"width":881,"height":11}},{"id":"0808f593-47ab-4730-bc93-7e6ce3c31f74","block_type":"box","text":"fluctuations. South Korea is also subject to significant geopolitical risks, including ongoing tensions with North Korea,","page_number":13,"box":{"x":52,"y":530,"width":835,"height":11}},{"id":"93c64fa8-19e5-42f8-b14a-eb2b2ea96112","block_type":"box","text":"exposure to strategic competition between the U.S. and China and potential domestic political instability, any of which may","page_number":13,"box":{"x":53,"y":543,"width":869,"height":11}},{"id":"8aee0fe9-5105-42d2-8b71-c6044a553a7f","block_type":"box","text":"have an adverse impact on its economy and markets. The South Korean government has exercised and may continue to","page_number":13,"box":{"x":53,"y":556,"width":844,"height":10}},{"id":"9bb309a8-c990-4fa4-a4e0-81d907b087eb","block_type":"box","text":"exercise substantial influence over many aspects of the private sector.","page_number":13,"box":{"x":53,"y":569,"width":494,"height":10}},{"id":"9648337d-bbb6-47e0-a00a-ac6ee028215a","block_type":"box","text":"Risk of Investing in Taiwan.","page_number":13,"box":{"x":53,"y":590,"width":200,"height":11}},{"id":"01fb8897-8fa4-46a6-9027-d105811dfc25","block_type":"box","text":"Investing in Taiwanese issuers subjects the Fund to legal, regulatory, political, economic,","page_number":13,"box":{"x":259,"y":591,"width":624,"height":10}},{"id":"92435d99-8b69-41e4-b6b3-d4e1767b6099","block_type":"box","text":"currency, geographic and security risks that are specific to Taiwan. Taiwan’s economy is export-oriented and may be adversely","page_number":13,"box":{"x":53,"y":603,"width":889,"height":11}},{"id":"14f4338a-9bf6-4827-803f-52601228a902","block_type":"box","text":"affected by reduced demand for its goods or trade conflicts. China has a complex territorial dispute regarding the sovereignty","page_number":13,"box":{"x":53,"y":616,"width":887,"height":11}},{"id":"9000eb4a-350b-4c9b-b295-a25204d0f00d","block_type":"box","text":"of Taiwan and has pledged to take control of Taiwan, including by force if necessary. Taiwan-based companies and individuals","page_number":13,"box":{"x":53,"y":629,"width":888,"height":11}},{"id":"10472248-b66e-4489-a33d-bf29561042ca","block_type":"box","text":"are significant investors in China. Continuing hostility between China and Taiwan may have an adverse impact on their","page_number":13,"box":{"x":53,"y":642,"width":839,"height":11}},{"id":"29e9a707-8a98-4a53-8a37-78c5f58a675e","block_type":"box","text":"economies and markets and on the value of a Fund’s investments in China, Taiwan or the region.","page_number":13,"box":{"x":53,"y":655,"width":680,"height":11}},{"id":"87a06ffb-4068-482c-a0ff-17e6f1837046","block_type":"box","text":"Securities Lending Risk.","page_number":13,"box":{"x":52,"y":677,"width":178,"height":11}},{"id":"69c5f644-64a0-4637-be6d-22ebf25eff27","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":13,"box":{"x":234,"y":677,"width":692,"height":11}},{"id":"0f56ad1c-2024-4884-8897-55822869387a","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":13,"box":{"x":53,"y":690,"width":870,"height":11}},{"id":"8465c360-82c4-4f18-bfae-2106425fe17e","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":13,"box":{"x":53,"y":703,"width":886,"height":10}},{"id":"b39349b5-f338-46c6-8452-54b60d89a5d1","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":13,"box":{"x":53,"y":715,"width":831,"height":11}},{"id":"1eb45fbe-6b2f-4810-9020-fefe4ba595cd","block_type":"box","text":"Technology Companies Risk.","page_number":13,"box":{"x":52,"y":737,"width":211,"height":11}},{"id":"fa842fd3-228d-42ce-b56f-dcd6f1b49c05","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":13,"box":{"x":267,"y":738,"width":657,"height":10}},{"id":"3b6e17e4-d724-453a-9d9e-767cb1d9781e","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":13,"box":{"x":53,"y":750,"width":849,"height":11}},{"id":"9940caaf-c7c8-4f28-9628-e330ce41e0e4","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":13,"box":{"x":53,"y":763,"width":887,"height":11}},{"id":"32b15d68-3040-4e96-b947-b1f1e1637552","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":13,"box":{"x":53,"y":776,"width":883,"height":11}},{"id":"bdfe8aa6-c12b-41b1-9565-9619702fadb8","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":13,"box":{"x":52,"y":789,"width":839,"height":11}},{"id":"2011b49f-bcc5-4f74-9f60-ace170051983","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":13,"box":{"x":53,"y":802,"width":870,"height":11}},{"id":"bc9a25d3-7ac4-43ef-b2e0-75a44a78b109","block_type":"box","text":"government or legal action.","page_number":13,"box":{"x":53,"y":815,"width":192,"height":11}},{"id":"b0bc7d77-1420-4f43-abab-6c83d4e4ef72","block_type":"box","text":"Tracking Error Risk.","page_number":13,"box":{"x":52,"y":837,"width":145,"height":11}},{"id":"fec9a51c-3e7d-4aba-ba6e-7fef9a390d74","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":13,"box":{"x":201,"y":836,"width":741,"height":11}},{"id":"5b0addb9-f966-45cb-bb17-a6b7fb234e0d","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":13,"box":{"x":53,"y":850,"width":861,"height":10}},{"id":"53e0e07d-00e5-4da8-adee-71a7f4d40682","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":13,"box":{"x":53,"y":862,"width":832,"height":11}},{"id":"88bf293c-bef2-4497-acac-421dab2a57e0","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":13,"box":{"x":53,"y":876,"width":880,"height":10}},{"id":"0080f0ac-9b35-496d-b015-3c158fb5e30c","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":13,"box":{"x":53,"y":888,"width":831,"height":11}},{"id":"0b8e9b24-f38e-49cc-a702-fd86de9cfb62","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":13,"box":{"x":52,"y":901,"width":828,"height":11}},{"id":"12959a43-cc81-4de9-a012-5dcc64a9a356","block_type":"box","text":"S-5","page_number":13,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"b751a35e-932a-4571-b12d-957747d18215","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":14,"box":{"x":53,"y":46,"width":873,"height":11}},{"id":"8e497fe1-54f0-408f-93e0-9b34f5c6c73c","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":14,"box":{"x":53,"y":59,"width":889,"height":11}},{"id":"26ff2078-a61d-49bb-9d00-c1a9de7e02af","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":14,"box":{"x":53,"y":72,"width":852,"height":11}},{"id":"f59895f8-2091-49cf-b2c5-92a73f7617fc","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":14,"box":{"x":53,"y":85,"width":886,"height":11}},{"id":"432941bf-9734-466c-b013-374a95198b3a","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":14,"box":{"x":53,"y":98,"width":873,"height":11}},{"id":"28468c69-6946-4257-ac8b-f94d476a4806","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":14,"box":{"x":53,"y":111,"width":879,"height":11}},{"id":"d14a83f9-7996-489f-8bd2-35ea3ac2ebcb","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":14,"box":{"x":53,"y":124,"width":839,"height":11}},{"id":"973493d0-7c2e-480a-9aea-2a37952c94b8","block_type":"box","text":"Valuation Risk.","page_number":14,"box":{"x":52,"y":146,"width":110,"height":8}},{"id":"79d05ff4-aa02-41d6-be90-3fa17f591a1a","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":14,"box":{"x":166,"y":146,"width":740,"height":11}},{"id":"b32f6ff2-11fd-4b84-b38c-8c59ba3e88f3","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":14,"box":{"x":53,"y":160,"width":840,"height":11}},{"id":"d1a22512-e2ba-4ea8-9062-ffe329156f23","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":14,"box":{"x":52,"y":174,"width":869,"height":11}},{"id":"f6b58b76-e58d-40b3-bb4c-95ee36894086","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":14,"box":{"x":52,"y":188,"width":889,"height":11}},{"id":"a6f685d7-2433-4a04-bd50-4089eff8e539","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":14,"box":{"x":53,"y":203,"width":871,"height":10}},{"id":"e1c92be5-3280-43e5-ac4b-f9b644de2457","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":14,"box":{"x":52,"y":217,"width":879,"height":10}},{"id":"ff50ca96-d35c-4902-ae39-e6685c1665a2","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":14,"box":{"x":53,"y":231,"width":880,"height":11}},{"id":"e05ed867-8276-4929-8ef2-7f7f91afb9b4","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":14,"box":{"x":53,"y":245,"width":816,"height":11}},{"id":"79b72f83-58fd-40b0-84a9-f7fb14326e85","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":14,"box":{"x":52,"y":259,"width":613,"height":11}},{"id":"b004838d-5d43-4ca4-92b7-5fa8dbb63dfa","block_type":"box","text":"Performance Information","page_number":14,"box":{"x":54,"y":280,"width":228,"height":11}},{"id":"86c9bc2e-21fd-41d5-88fb-9e3b361515a4","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":14,"box":{"x":52,"y":305,"width":864,"height":11}},{"id":"86f1fc16-4f17-4dcb-a000-845fedc0b9e3","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":14,"box":{"x":52,"y":320,"width":872,"height":11}},{"id":"aa04a8f0-f24b-4e8a-b472-51bef2bda5e2","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":14,"box":{"x":53,"y":334,"width":868,"height":11}},{"id":"987124a6-0afc-4c67-860e-596a38644c29","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":14,"box":{"x":53,"y":348,"width":838,"height":11}},{"id":"e09a4206-4ceb-4398-9b82-76780ac78d46","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":14,"box":{"x":53,"y":362,"width":868,"height":11}},{"id":"c65c8881-e265-48fe-a8b3-df95efebe6b8","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":14,"box":{"x":53,"y":376,"width":832,"height":11}},{"id":"1c87e9c4-54fe-4d54-88f2-1832f494150e","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":14,"box":{"x":53,"y":391,"width":842,"height":10}},{"id":"61f78713-3767-43ee-9c33-2e64eeced395","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":14,"box":{"x":52,"y":405,"width":531,"height":11}},{"id":"99fc54bf-0aa9-4ce9-9516-68fde403a495","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":14,"box":{"x":135,"y":429,"width":260,"height":11}},{"id":"fd0661fc-1b88-437c-9d7f-b8fb0b5918c7","block_type":"box","text":"11.82","page_number":14,"box":{"x":87,"y":511,"width":24,"height":6}},{"id":"4aa92a7d-5f2b-4250-8903-cc05308ccbc7","block_type":"box","text":"43.51","page_number":14,"box":{"x":122,"y":477,"width":25,"height":6}},{"id":"f1f75ee7-7240-4d4f-ae18-bcdf0d339759","block_type":"box","text":"-13.94","page_number":14,"box":{"x":157,"y":554,"width":31,"height":6}},{"id":"2023a33e-67b7-4ca6-a04c-eb0ebd208b4a","block_type":"box","text":"21.84","page_number":14,"box":{"x":197,"y":500,"width":26,"height":6}},{"id":"cbe04383-837e-45b9-901b-943e2d367f52","block_type":"box","text":"34.03","page_number":14,"box":{"x":233,"y":487,"width":27,"height":6}},{"id":"421c39fd-08f7-4fb1-8298-8168cac7f134","block_type":"box","text":"-10.75","page_number":14,"box":{"x":269,"y":551,"width":29,"height":6}},{"id":"6d7d96a3-e227-4b9b-81f4-4f075606828f","block_type":"box","text":"-24.07","page_number":14,"box":{"x":306,"y":565,"width":29,"height":6}},{"id":"9f20e3c1-3e6d-464f-bf5a-4a35d54f4cce","block_type":"box","text":"4.84","page_number":14,"box":{"x":347,"y":519,"width":21,"height":6}},{"id":"19ab3828-4862-4e2d-a4c6-eefbfe277f62","block_type":"box","text":"20.42","page_number":14,"box":{"x":382,"y":502,"width":26,"height":6}},{"id":"db99ddd3-5c97-4ee9-808b-f87beb462d76","block_type":"box","text":"47.01","page_number":14,"box":{"x":418,"y":473,"width":26,"height":6}},{"id":"6583a489-5f74-439e-bd51-b6d7075152d8","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":14,"box":{"x":87,"y":583,"width":356,"height":6}},{"id":"b1f69191-3dba-4e44-bd28-fe097eb7d762","block_type":"box","text":"Return (%) Period Ended","page_number":14,"box":{"x":731,"y":444,"width":190,"height":9}},{"id":"04a63fac-906e-44d0-a3c7-d7182e3d0c89","block_type":"box","text":"Calendar Year-to-Date Return","page_number":14,"box":{"x":520,"y":462,"width":197,"height":8}},{"id":"e69bf917-c5cb-464f-a131-3816e2062dc1","block_type":"box","text":"46.79% June 30, 2026","page_number":14,"box":{"x":745,"y":463,"width":197,"height":8}},{"id":"a17af85c-bd38-4022-9a45-ffe00b463fd5","block_type":"box","text":"During the periods shown in the chart:","page_number":14,"box":{"x":520,"y":475,"width":250,"height":10}},{"id":"a349474f-135f-4c37-90cd-b4c1b15e8cce","block_type":"box","text":"Best Quarter 24.36% December 31, 2020","page_number":14,"box":{"x":534,"y":488,"width":408,"height":9}},{"id":"870524d1-c76b-41c2-9077-ee87343cf288","block_type":"box","text":"Worst Quarter -19.67% September 30, 2022","page_number":14,"box":{"x":533,"y":501,"width":409,"height":9}},{"id":"13dae53d-117d-423b-8e7b-f1a82f18199f","block_type":"box","text":"Average Annual Total Returns (%)","page_number":14,"box":{"x":372,"y":614,"width":251,"height":11}},{"id":"74adb774-291e-42d9-ad2f-e59a0ee69158","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":14,"box":{"x":340,"y":628,"width":315,"height":10}},{"id":"71ed0e33-a717-4963-9ee7-1eddf1fe0564","block_type":"box","text":"One Year Five Years Ten Years","page_number":14,"box":{"x":670,"y":644,"width":268,"height":8}},{"id":"ba0831fc-cd0b-4214-b60e-b54d70e4c30b","block_type":"box","text":"Fund Inception: 11/13/2007","page_number":14,"box":{"x":58,"y":660,"width":187,"height":9}},{"id":"af880352-283b-4d25-b96d-2739689f3658","block_type":"box","text":"Return Before Taxes","page_number":14,"box":{"x":58,"y":671,"width":125,"height":8}},{"id":"866da602-8b76-4b98-beb0-c1676c888d3d","block_type":"box","text":"47.01% 4.69% 10.99%","page_number":14,"box":{"x":681,"y":671,"width":258,"height":8}},{"id":"7bfbb302-12c8-4d7d-a1b8-2c595d2b5109","block_type":"box","text":"Return After Taxes on Distributions 45.86% 4.10% 10.43%","page_number":14,"box":{"x":58,"y":683,"width":881,"height":7}},{"id":"47191fae-ad28-4021-b4cb-47d1013d66be","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 28.20% 3.50% 8.96%","page_number":14,"box":{"x":58,"y":694,"width":881,"height":8}},{"id":"1d714252-cda3-4b81-ba72-06796800557a","block_type":"box","text":"S&P Developed ex US Broad Market Index (Net)","page_number":14,"box":{"x":57,"y":706,"width":312,"height":9}},{"id":"68051cf2-acc3-4e98-ac66-fa6d3ddcb3f8","block_type":"box","text":"1","page_number":14,"box":{"x":370,"y":705,"width":5,"height":4}},{"id":"94379c09-9950-434a-91e3-42d8447080cb","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":14,"box":{"x":379,"y":706,"width":268,"height":9}},{"id":"2fde87e0-70fa-42a8-a388-7377acabfd0b","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 34.35% 8.57% 8.46%","page_number":14,"box":{"x":71,"y":719,"width":868,"height":10}},{"id":"16c8f5e2-a8d4-4f03-b15d-3d814f3006ad","block_type":"box","text":"S&P Asia 50 Capped Index (Spliced)","page_number":14,"box":{"x":57,"y":731,"width":234,"height":9}},{"id":"de853c6c-19b1-4d17-a2e2-66cf0bc175b6","block_type":"box","text":"1,2","page_number":14,"box":{"x":292,"y":729,"width":14,"height":6}},{"id":"e108639a-2a30-4650-a335-5e980b2e751a","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":14,"box":{"x":310,"y":731,"width":330,"height":9}},{"id":"aa2feef9-75a9-4c48-bcd6-1c54f5244892","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 46.56% 5.24% 11.64%","page_number":14,"box":{"x":71,"y":743,"width":868,"height":10}},{"id":"824de42d-fbac-46cd-a753-2f888fc43dc0","block_type":"box","text":"1","page_number":14,"box":{"x":80,"y":762,"width":5,"height":5}},{"id":"b8daaad7-c57c-41ef-807f-1f92728c5677","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":14,"box":{"x":94,"y":763,"width":827,"height":10}},{"id":"95665203-7d44-42aa-ab33-b0235fb848ea","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":14,"box":{"x":93,"y":774,"width":847,"height":9}},{"id":"3e3cb90e-dc83-4b91-bcbc-2ea705ea7c30","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":14,"box":{"x":93,"y":784,"width":843,"height":10}},{"id":"421c29b4-e072-462c-9552-f36c53a8640f","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":14,"box":{"x":92,"y":794,"width":829,"height":10}},{"id":"70229e13-854b-45cb-aa62-73cd4dbd3158","block_type":"box","text":"tax rates, if any.","page_number":14,"box":{"x":92,"y":805,"width":97,"height":9}},{"id":"7a18b1ab-8960-4d0e-9376-f0c9990a5f5f","block_type":"box","text":"2","page_number":14,"box":{"x":80,"y":814,"width":5,"height":4}},{"id":"0572a91c-9676-4ab0-aea2-e047a617b09c","block_type":"box","text":"The S&P Asia 50 Capped Index (Spliced) reflects the performance of the S&P Asia 50 Index (Net) through December 22, 2024 and the","page_number":14,"box":{"x":92,"y":815,"width":839,"height":10}},{"id":"fcefb491-bf65-4ad4-9371-8b50bf4a0b7d","block_type":"box","text":"S&P Asia 50 Capped Index (Net) thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":14,"box":{"x":93,"y":825,"width":767,"height":10}},{"id":"ada07b5a-9b95-4278-8c02-c9144c8608fb","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":14,"box":{"x":52,"y":845,"width":857,"height":11}},{"id":"c11c7dc6-d03b-4019-894a-64f7ce99d334","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":14,"box":{"x":53,"y":859,"width":865,"height":11}},{"id":"ff22cb1b-08e5-4674-95a8-8670a59ddc13","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":14,"box":{"x":53,"y":873,"width":847,"height":11}},{"id":"4f4cc087-09e1-4cff-9fd4-9625c0f73989","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":14,"box":{"x":52,"y":887,"width":857,"height":11}},{"id":"64a8a8ef-5091-43c2-a3f7-6a3c1de86763","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":14,"box":{"x":53,"y":902,"width":877,"height":11}},{"id":"40b211f1-3074-4f6a-ae90-63d470fe2f1e","block_type":"box","text":"S-6","page_number":14,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"963e494d-63cd-470b-b712-23379ffc101c","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":15,"box":{"x":52,"y":46,"width":836,"height":11}},{"id":"67fff9c7-18db-4d00-b35d-5835a58979d8","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":15,"box":{"x":53,"y":61,"width":886,"height":10}},{"id":"36dd709f-e1a7-4c0c-97e7-928ba64915ec","block_type":"box","text":"on distributions.","page_number":15,"box":{"x":53,"y":75,"width":114,"height":8}},{"id":"a6d68077-90dd-4fa7-8c5e-d0a7e2fc43fd","block_type":"box","text":"Management","page_number":15,"box":{"x":54,"y":104,"width":119,"height":13}},{"id":"90a6bc4d-e6f5-492f-b348-4c4a24683f52","block_type":"box","text":"Investment Adviser.","page_number":15,"box":{"x":53,"y":129,"width":145,"height":8}},{"id":"26feb569-9e7b-48a0-bb4f-e781924a7ec4","block_type":"box","text":"BlackRock Fund Advisors.","page_number":15,"box":{"x":204,"y":129,"width":180,"height":8}},{"id":"02c2a4e7-1f29-483b-a1fc-73be07aa165a","block_type":"box","text":"Portfolio Managers.","page_number":15,"box":{"x":53,"y":152,"width":146,"height":11}},{"id":"6300e997-db15-4c57-b57e-316c063a46f5","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":15,"box":{"x":203,"y":152,"width":679,"height":11}},{"id":"121ff938-18ae-4f2f-914a-cf98845ae0eb","block_type":"box","text":"management of the Fund:","page_number":15,"box":{"x":53,"y":166,"width":182,"height":11}},{"id":"e0565ae8-cda3-4646-8435-d75a9efb4ab3","block_type":"box","text":"Portfolio Manager","page_number":15,"box":{"x":58,"y":202,"width":119,"height":10}},{"id":"6b21f5c4-f11e-4ecb-b7f2-b592061a44b0","block_type":"box","text":"Portfolio Manager of the","page_number":15,"box":{"x":411,"y":189,"width":160,"height":10}},{"id":"bca23672-a315-4a65-bec0-5a8c6645b63a","block_type":"box","text":"Fund Since","page_number":15,"box":{"x":455,"y":202,"width":72,"height":8}},{"id":"c4f0c950-d81b-4cc6-8f53-8e2ac62dd582","block_type":"box","text":"Title with Investment","page_number":15,"box":{"x":804,"y":189,"width":140,"height":8}},{"id":"5cbb3d2f-fdd2-46e2-a584-206546a585fc","block_type":"box","text":"Adviser","page_number":15,"box":{"x":849,"y":202,"width":49,"height":8}},{"id":"26ef0470-53f2-4dcb-adef-fe43655afe96","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":15,"box":{"x":57,"y":218,"width":876,"height":9}},{"id":"97759121-dae0-4fd2-b2e2-e98862f1ada5","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":15,"box":{"x":58,"y":233,"width":875,"height":10}},{"id":"9d3a37b3-a9e4-4050-8bcd-5db29a468eb3","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":15,"box":{"x":58,"y":249,"width":875,"height":9}},{"id":"52099491-8f0a-4c91-815b-9bc84a82d5d5","block_type":"box","text":"Steven White 2025 Managing Director","page_number":15,"box":{"x":57,"y":264,"width":876,"height":10}},{"id":"4ad469b8-1da3-40f9-8700-7056104d7c43","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":15,"box":{"x":54,"y":299,"width":304,"height":11}},{"id":"dfa2c49d-1867-4ce6-b33e-7717915fb03f","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":15,"box":{"x":52,"y":324,"width":878,"height":11}},{"id":"91c8f0cc-2743-48b3-9b1a-ffee5d497996","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":15,"box":{"x":53,"y":339,"width":855,"height":10}},{"id":"c1bbdf67-fc9b-4b6b-9da8-92c44b2e0e8e","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":15,"box":{"x":52,"y":353,"width":817,"height":10}},{"id":"2665c4c1-62aa-4bcc-87f9-79a0dd24e91c","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":15,"box":{"x":53,"y":367,"width":878,"height":11}},{"id":"42fe71e7-1b0e-4c2d-923a-0acbcf35cdd1","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":15,"box":{"x":53,"y":381,"width":861,"height":11}},{"id":"74f65e6c-5fa0-4a01-9379-b73fc5aba400","block_type":"box","text":"(the “bid-ask spread”).","page_number":15,"box":{"x":53,"y":395,"width":156,"height":11}},{"id":"7834ca2e-525a-4dd6-bacf-73bfa03a8a38","block_type":"box","text":"Tax Information","page_number":15,"box":{"x":52,"y":424,"width":144,"height":11}},{"id":"87d84e35-b9e8-4a02-ab31-944502dc0c10","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":15,"box":{"x":52,"y":449,"width":831,"height":11}},{"id":"fc746612-5c6d-47ba-93da-1e21f470472d","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":15,"box":{"x":53,"y":463,"width":883,"height":11}},{"id":"3803cb24-c25f-41ab-95d9-e872c8e5b923","block_type":"box","text":"be taxed when withdrawn.","page_number":15,"box":{"x":53,"y":478,"width":182,"height":8}},{"id":"6371ed4c-cdd7-47fc-8083-74c58cde3af9","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":15,"box":{"x":54,"y":507,"width":575,"height":13}},{"id":"7542f05d-a479-44c0-b497-b1185c156877","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":15,"box":{"x":53,"y":532,"width":855,"height":11}},{"id":"5ebe9671-cf52-406a-99c6-b401546e9a84","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":15,"box":{"x":53,"y":546,"width":843,"height":11}},{"id":"b3fe814f-0f20-404d-9d38-26b577e10115","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":15,"box":{"x":53,"y":560,"width":820,"height":11}},{"id":"1e8a1319-7bfb-4cfc-aab5-bb2cf44f32bf","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":15,"box":{"x":53,"y":574,"width":801,"height":11}},{"id":"59aeed93-0a9a-49a7-abc1-df541a28873a","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":15,"box":{"x":53,"y":589,"width":841,"height":10}},{"id":"1632850d-d852-449c-ad67-3024e1acbc6a","block_type":"box","text":"financial intermediary’s website for more information.","page_number":15,"box":{"x":52,"y":603,"width":380,"height":11}},{"id":"4a4e4796-1bf6-490e-b227-391b1f709dad","block_type":"box","text":"S-7","page_number":15,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"ed20a0a4-68f0-45c8-bc68-a8af0b53acc3","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":16,"box":{"x":53,"y":47,"width":460,"height":16}},{"id":"0dc4abf4-2470-4952-a389-ea08525b58d6","block_type":"box","text":"IBLC | NYSE Arca","page_number":16,"box":{"x":54,"y":70,"width":237,"height":18}},{"id":"f4146b29-0053-42b0-b4b0-75cdff740b3e","block_type":"box","text":"Investment Objective","page_number":16,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"55024f22-7c10-48ab-a215-74633b2f7b0d","block_type":"box","text":"The iShares Blockchain and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and","page_number":16,"box":{"x":52,"y":134,"width":857,"height":11}},{"id":"ccc60786-4352-474a-ab84-ae22dedaa63b","block_type":"box","text":"non-U.S. companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies.","page_number":16,"box":{"x":53,"y":148,"width":876,"height":11}},{"id":"1b13231b-25e1-4880-a7ca-11de6d5d1155","block_type":"box","text":"Fees and Expenses","page_number":16,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"ade4df72-68c5-4873-927f-3ce1f1fd8c37","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":16,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"8a76543a-8f96-4a93-aad8-b4b44a1bf740","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":16,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"d6636338-6f54-4859-917d-73b9df007667","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":16,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"e418abcb-86d4-4db9-8380-f19ef1afaaed","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":16,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"09057e08-e701-4b48-b46b-cafc91226dd8","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":16,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"4b3c717b-f607-44fb-9b04-3feb41cea05c","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":16,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"58c2b735-afc9-49e5-8baa-5a362070b256","block_type":"box","text":"extraordinary expenses.","page_number":16,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"703dbdc0-39c8-45d4-9dc6-6cdc58d25041","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":16,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"e0ad7398-5be1-47ee-9a05-c0601e4e7f89","block_type":"box","text":"reflected in the table and example below.","page_number":16,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"36e07b93-e38c-461d-a708-9b1f4be2eac2","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":16,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"36b31e18-3b0f-438a-ac41-1f74bc8d8006","block_type":"box","text":"1","page_number":16,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"531a204b-f008-4a99-a3bb-a94b462f884e","block_type":"box","text":"Management Fee","page_number":16,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"3b117c3b-a476-4575-a0f4-45997553bee5","block_type":"box","text":"0.47%","page_number":16,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"89e41989-07b7-4b57-bb4e-62f6f552a0de","block_type":"box","text":"Other Expenses","page_number":16,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"a5f2e9dc-0bb1-486e-81e9-682a805277fa","block_type":"box","text":"0.00%","page_number":16,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"048edbaa-78da-4541-bbaa-ec29c8943039","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":16,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"10575bf5-e9a4-4ff4-bc0d-c9796d26c8a3","block_type":"box","text":"0.47%","page_number":16,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"0b55bbc4-7403-4dc0-9e8b-90a065ef9b0c","block_type":"box","text":"1","page_number":16,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"da1d6c89-3f26-4711-a683-085f421d908e","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":16,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"e388207a-5df4-40d6-930f-77e8d0a226fb","block_type":"box","text":"Example.","page_number":16,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"ba79512a-2586-4de0-82ec-ba6a260da220","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":16,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"46d0bf7e-c465-4472-bbfb-5df52d894d11","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":16,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"ab87e0aa-f397-46bc-bb28-6ee9f90b1ce9","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":16,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"7038aea0-d32b-4795-a36d-4b405bce48f2","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":16,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"420a1f4f-6a95-4453-a9d8-adc44c1bbb46","block_type":"box","text":"your costs would be:","page_number":16,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"6bf08acb-883e-489b-aa61-7270809f5866","block_type":"box","text":"Expense Example","page_number":16,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"b2771e42-d882-4365-8f2e-d5a46a8b6a05","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":16,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"b3c8c94a-196b-46e4-b3f2-8f2d78c4d56b","block_type":"box","text":"Example Fund Costs","page_number":16,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"808e515a-2e58-49b7-902f-ab53a062a044","block_type":"box","text":"$48 $151 $263 $591","page_number":16,"box":{"x":671,"y":542,"width":260,"height":8}},{"id":"4f462ec9-53f8-4133-93bc-ed9dd2d3c04a","block_type":"box","text":"Portfolio Turnover.","page_number":16,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"17d169d2-d926-4331-a5f6-d06efd47d179","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":16,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"2d1d5eaa-16e9-4cf1-a259-ed02a056d8d1","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":16,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"02e42b7f-e799-423e-ade9-857d27cccbb5","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":16,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"2a41e3a5-6eda-4f9f-b06d-77c4b992c288","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 69% of","page_number":16,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"284ac48b-9c0c-47b7-a64a-7336bea7a163","block_type":"box","text":"the average value of its portfolio.","page_number":16,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"2f944ae2-24d9-4823-b35d-21c4eaf56e24","block_type":"box","text":"Principal Investment Strategies","page_number":16,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"f181e29f-d7a8-489a-8636-053f51c35429","block_type":"box","text":"The Fund seeks to track the investment results of the NYSE FactSet Global Blockchain Technologies Index (the “Underlying","page_number":16,"box":{"x":52,"y":682,"width":869,"height":11}},{"id":"d976b2a8-bfad-47f3-8e48-0eb74d3d4577","block_type":"box","text":"Index”), which is a rules-based, modified float-adjusted market capitalization-weighted equity index that measures the","page_number":16,"box":{"x":53,"y":697,"width":839,"height":11}},{"id":"3a2a0feb-bd10-40d1-9e90-487d5de8c573","block_type":"box","text":"performance of equity securities issued by U.S. and non-U.S. companies that are involved in the development, innovation, and","page_number":16,"box":{"x":53,"y":711,"width":888,"height":11}},{"id":"de78a42f-a62f-428c-ad67-de2ea40842c9","block_type":"box","text":"utilization of blockchain and crypto technologies. The Fund may invest in non-U.S. companies, including those located in","page_number":16,"box":{"x":53,"y":725,"width":855,"height":11}},{"id":"6484d783-bd07-4cca-8bf7-a7aa56436b10","block_type":"box","text":"emerging markets, without any limits consistent with the Underlying Index. ICE Data Indices, LLC, or its affiliates (the “Index","page_number":16,"box":{"x":53,"y":739,"width":877,"height":11}},{"id":"ae488963-aa61-48da-9689-5dcac00e7a9e","block_type":"box","text":"Provider” or “IDI”), uses FactSet’s Revere Business Industry Classification System (“RBICS”) classifications to determine the","page_number":16,"box":{"x":53,"y":753,"width":870,"height":11}},{"id":"f2b602dd-4e34-405f-91cf-168e6d92bf97","block_type":"box","text":"eligible universe.","page_number":16,"box":{"x":53,"y":768,"width":118,"height":11}},{"id":"67b187df-10bb-47d9-a2c5-b20f43691e62","block_type":"box","text":"The Index Provider defines “blockchain” as technologies characterized by a shared, peer-to-peer, decentralized, and","page_number":16,"box":{"x":52,"y":789,"width":816,"height":11}},{"id":"c175aaea-6360-4968-805d-c912b9e55516","block_type":"box","text":"immutable ledger ideally suited for recording information. Information on the blockchain is secured through a validation","page_number":16,"box":{"x":53,"y":804,"width":851,"height":11}},{"id":"c03241dc-29c4-42d2-b690-26335928e8c6","block_type":"box","text":"process involving cryptography known as “mining,” which integrates a new set of information (known as a “block”) with all","page_number":16,"box":{"x":53,"y":818,"width":857,"height":11}},{"id":"47d57aa4-902f-411d-8342-10b1e2421239","block_type":"box","text":"previous blocks on the ledger (thus creating a chain). One use of blockchain is “cryptocurrency,” which is a digital asset that","page_number":16,"box":{"x":53,"y":832,"width":872,"height":11}},{"id":"7d29e771-8707-4cbf-956a-a6fff19468d3","block_type":"box","text":"typically uses blockchain’s decentralized and secured ledger as a method of verifying transactions and ownership. The Fund's","page_number":16,"box":{"x":52,"y":846,"width":888,"height":11}},{"id":"47d289d3-8c25-49a8-9d82-299c7fa8b839","block_type":"box","text":"investments will include companies involved in (a) cryptocurrency mining, (b) cryptocurrency trading and exchanges,","page_number":16,"box":{"x":53,"y":860,"width":828,"height":11}},{"id":"e04d162d-4079-4c8e-814a-de443d415d8b","block_type":"box","text":"(c) crypto-mining systems and/or (d) blockchain technology.","page_number":16,"box":{"x":53,"y":875,"width":428,"height":11}},{"id":"eb324e7c-abf8-4901-9a5b-bc767d65d8f8","block_type":"box","text":"IDI begins with common equity securities (including depositary receipts) that have a market capitalization of $100 million or","page_number":16,"box":{"x":53,"y":896,"width":879,"height":11}},{"id":"7d6aef2f-bfd4-4466-acb0-4fb6c6edf911","block_type":"box","text":"greater and a three-month average daily trading value (“ADTV”) of $1 million or greater and are from one of 43 eligible","page_number":16,"box":{"x":53,"y":910,"width":832,"height":12}},{"id":"9216ddc5-5506-4445-b10c-7a998aa16704","block_type":"box","text":"S-8","page_number":16,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"505e8146-d995-44aa-8b20-17a51d5d6de6","block_type":"box","text":"countries (as disclosed in the Fund’s Statement of Additional Information (“SAI”)). 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Additionally for Tier 2, IDI selects the securities of companies","page_number":17,"box":{"x":52,"y":168,"width":880,"height":10}},{"id":"9bac9b4c-4cd8-4fdd-acda-7fc76e06a09c","block_type":"box","text":"that have blockchain-related ancillary businesses identified with the following Revere Hierarchy Focus industries: Blockchain","page_number":17,"box":{"x":52,"y":182,"width":885,"height":11}},{"id":"1e1ace03-1346-4f2a-b573-d837cc3baf67","block_type":"box","text":"Technology; Cryptocurrency Mining; Cryptocurrency Trading/Exchanges; Cryptomining Hosting; Cryptomining Systems; and","page_number":17,"box":{"x":52,"y":196,"width":884,"height":11}},{"id":"0c82d201-b7a9-4ea6-af34-c9d9a32104db","block_type":"box","text":"Enterprise Blockchain Technology. The Fund will not invest in cryptocurrency (i) directly or (ii) indirectly through the use of","page_number":17,"box":{"x":53,"y":210,"width":864,"height":11}},{"id":"01200be6-4268-4c5b-8ec8-5ddced9c2050","block_type":"box","text":"derivatives on such assets.","page_number":17,"box":{"x":53,"y":225,"width":187,"height":8}},{"id":"d4b92438-2258-41a7-89d4-19af5838fe5f","block_type":"box","text":"The Underlying Index will have a minimum of 35 constituents at selection and will include all Tier 1 securities and a minimum","page_number":17,"box":{"x":52,"y":246,"width":887,"height":11}},{"id":"0114d36f-53f8-4b74-b5b6-f548d170955a","block_type":"box","text":"of 10 Tier 2 securities, selected in descending order of float-adjusted market capitalization. The component securities of the","page_number":17,"box":{"x":53,"y":260,"width":875,"height":11}},{"id":"267f55a7-124e-44aa-a1ae-4d22f5012f56","block_type":"box","text":"Underlying Index are weighted by float-adjusted market capitalization with Tier 1 securities allocated a minimum weight of","page_number":17,"box":{"x":53,"y":275,"width":868,"height":10}},{"id":"f8930325-fe72-4687-9e26-09ede94490e4","block_type":"box","text":"75% in aggregate, subject to capping constraints. Each Tier 1 security is capped at 12%, and each Tier 2 security is capped","page_number":17,"box":{"x":53,"y":289,"width":872,"height":11}},{"id":"d3040d17-0fe4-4d7a-8d3a-140685c96886","block_type":"box","text":"at 4% of the Underlying Index, each at rebalance. Securities with weights greater than 4.5% shall not in aggregate exceed","page_number":17,"box":{"x":53,"y":303,"width":863,"height":11}},{"id":"ba16de23-ebbe-462c-8fc4-19693ffcec77","block_type":"box","text":"45% of the Underlying Index weight at rebalance. Additionally, for any Tier 1 security whose constituent weight is greater than","page_number":17,"box":{"x":52,"y":317,"width":890,"height":11}},{"id":"62ad6b3a-8010-4d11-a37f-6939f1d1cfd8","block_type":"box","text":"10 times its three-month ADTV, its weight is determined by its liquidity weight instead of by float-adjusted market","page_number":17,"box":{"x":53,"y":331,"width":803,"height":11}},{"id":"6bc495ee-5504-4784-92f4-5ef3f6d0a468","block_type":"box","text":"capitalization. The Index Provider determines the liquidity weight of a security as follows: index weight assigned to a security","page_number":17,"box":{"x":53,"y":345,"width":878,"height":11}},{"id":"52599e9b-002d-488f-b943-552cf056a7f4","block_type":"box","text":"based on the relative three-month median daily value traded of the security compared to that measure for the overall index.","page_number":17,"box":{"x":53,"y":360,"width":871,"height":10}},{"id":"703795db-99a5-4505-942d-e952d11d73b1","block_type":"box","text":"The Underlying Index is reviewed and reconstituted in March and September each year. Constituent weights of the Underlying","page_number":17,"box":{"x":52,"y":382,"width":890,"height":10}},{"id":"3a681e8e-68c0-4478-a75f-16fda094be90","block_type":"box","text":"Index are rebalanced quarterly. The Underlying Index may include large-, mid- and small-capitalization companies.","page_number":17,"box":{"x":53,"y":396,"width":813,"height":11}},{"id":"155fb75e-47c2-4fe0-bc99-f2d93053e955","block_type":"box","text":"As of March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in the","page_number":17,"box":{"x":52,"y":418,"width":829,"height":11}},{"id":"11643cf5-242a-4baa-b7c2-6e63f3a8609e","block_type":"box","text":"blockchain, financials and technology industries or sectors. The components of the Underlying Index are likely to change over","page_number":17,"box":{"x":53,"y":432,"width":888,"height":11}},{"id":"7d692edf-9170-42a6-b91d-0ba8ebf8a2f7","block_type":"box","text":"time.","page_number":17,"box":{"x":52,"y":446,"width":34,"height":9}},{"id":"769b5db2-a0b2-4f3d-b094-a2f56a0f4f96","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":17,"box":{"x":52,"y":469,"width":853,"height":11}},{"id":"987132a6-b1eb-4d77-a090-80322fb0ee26","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":17,"box":{"x":53,"y":483,"width":839,"height":11}},{"id":"7325c12a-5799-4af5-8603-eb3a8be978b4","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":17,"box":{"x":53,"y":498,"width":868,"height":10}},{"id":"14daf72e-601f-4c83-b3b4-5ab506ca450c","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":17,"box":{"x":53,"y":512,"width":851,"height":11}},{"id":"e9cfb0dc-77de-4547-ab1c-a594b66d7240","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":17,"box":{"x":53,"y":526,"width":806,"height":11}},{"id":"4cd8f05d-7f7c-40f5-970f-6d372fb5a91a","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":17,"box":{"x":53,"y":540,"width":884,"height":11}},{"id":"e9e8edf4-94ad-4e45-aa67-7788cd6b02ab","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":17,"box":{"x":52,"y":554,"width":884,"height":11}},{"id":"c081ec1b-0e03-4c86-95e7-9f0dad55442a","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":17,"box":{"x":53,"y":569,"width":852,"height":10}},{"id":"3720f007-4572-4ced-95ff-9164ed9c9eaa","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":17,"box":{"x":53,"y":583,"width":867,"height":11}},{"id":"47897035-514c-49a0-b272-cb2239c769de","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":17,"box":{"x":52,"y":597,"width":869,"height":11}},{"id":"9d285435-8ce7-4bf1-8f84-4b0833d04ff1","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":17,"box":{"x":52,"y":611,"width":863,"height":11}},{"id":"3ea57c62-48dd-4786-a577-4ee9ac987a02","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":17,"box":{"x":53,"y":625,"width":826,"height":11}},{"id":"dbfd4af5-ff6a-4f73-a775-b6ae1b442048","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":17,"box":{"x":53,"y":640,"width":405,"height":10}},{"id":"bfc221a4-5f76-4eb4-81db-10a4c8712d51","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":17,"box":{"x":53,"y":662,"width":844,"height":11}},{"id":"c2a81736-9d7b-42aa-983d-b74f2865b340","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":17,"box":{"x":53,"y":677,"width":860,"height":11}},{"id":"6a418766-57da-460a-8451-aac4f735f951","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":17,"box":{"x":53,"y":691,"width":831,"height":11}},{"id":"75193d4b-7186-40c1-b06a-5cc94b1988fb","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":17,"box":{"x":53,"y":705,"width":817,"height":11}},{"id":"035de9e7-6a85-4b4c-a0f8-127fb665bb3f","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":17,"box":{"x":53,"y":719,"width":818,"height":11}},{"id":"acca7ffb-7678-45ba-9b46-0e26abbfb3c2","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":17,"box":{"x":53,"y":733,"width":835,"height":11}},{"id":"4c2827fe-1502-4ee8-97b5-bde38496a39e","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":17,"box":{"x":52,"y":757,"width":873,"height":11}},{"id":"a531a325-43d4-4d32-9c91-3437cd95c1f7","block_type":"box","text":"collateral received).","page_number":17,"box":{"x":53,"y":771,"width":136,"height":9}},{"id":"cc3c223b-86da-4bcd-b9fe-2968c59a2966","block_type":"box","text":"The Underlying Index is owned, maintained and administered by the Index Provider, which is independent of the Fund and","page_number":17,"box":{"x":52,"y":794,"width":861,"height":11}},{"id":"d8017c3e-e0fb-4eef-8a7a-3b33ea0e7754","block_type":"box","text":"BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index and","page_number":17,"box":{"x":53,"y":808,"width":877,"height":11}},{"id":"60c3ec0d-c11a-47f4-a608-86b90eb4b00e","block_type":"box","text":"publishes information regarding the market value of the Underlying Index.","page_number":17,"box":{"x":53,"y":822,"width":524,"height":11}},{"id":"266f28cb-2d51-4be0-820b-f8ef792e7c0a","block_type":"box","text":"Industry Concentration Policy.","page_number":17,"box":{"x":53,"y":846,"width":224,"height":11}},{"id":"9196bde2-a241-43f5-b9ff-ca399f46c66f","block_type":"box","text":"The Fund will concentrate its investments (","page_number":17,"box":{"x":281,"y":846,"width":304,"height":9}},{"id":"48e4e795-ac34-4872-8d5b-afac300c72e2","block_type":"box","text":"i.e.","page_number":17,"box":{"x":587,"y":846,"width":17,"height":8}},{"id":"72588059-9f2c-470c-9c3e-5a1e22e129c5","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":17,"box":{"x":606,"y":846,"width":292,"height":10}},{"id":"4f8c2b35-c46a-4ec5-a163-d61ca6986f7c","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":17,"box":{"x":53,"y":860,"width":858,"height":11}},{"id":"c32369a1-e2dc-4c33-94c1-1ae366c5d26e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":17,"box":{"x":53,"y":874,"width":868,"height":11}},{"id":"40b9dc0c-2270-419e-9ebc-ceadc7dff3d3","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":17,"box":{"x":53,"y":888,"width":826,"height":11}},{"id":"6a1eb671-d2a9-4693-9fb8-e9c300fa2db1","block_type":"box","text":"S-9","page_number":17,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"1fc4e5d7-8df1-4d33-900c-aac21df3082a","block_type":"box","text":"Summary of Principal Risks","page_number":18,"box":{"x":52,"y":46,"width":248,"height":13}},{"id":"45955d31-3423-44bc-a5d9-c5deae7b5c79","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":18,"box":{"x":52,"y":71,"width":881,"height":11}},{"id":"6fee3325-68d0-48aa-bda7-250756e59884","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":18,"box":{"x":53,"y":85,"width":824,"height":11}},{"id":"c15cd6c8-3801-4083-8153-4b619c1a01c7","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":18,"box":{"x":53,"y":99,"width":807,"height":11}},{"id":"cf52186c-34c6-488c-b228-b61163260f34","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":18,"box":{"x":53,"y":113,"width":844,"height":11}},{"id":"6c6b2871-6d63-4ece-bd4b-72be7f3533d8","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":18,"box":{"x":52,"y":128,"width":815,"height":10}},{"id":"00bebf68-a992-4aab-b28b-65e072f9fd57","block_type":"box","text":"Risk of Investing in Blockchain Companies.","page_number":18,"box":{"x":53,"y":151,"width":316,"height":11}},{"id":"4208109f-facf-4b8f-ba20-8cdfdf30b9df","block_type":"box","text":"Blockchain technology is new and many of its uses may be untested. There is no","page_number":18,"box":{"x":375,"y":151,"width":564,"height":11}},{"id":"aabbd797-68b0-403c-80c4-a4b49b080b6b","block_type":"box","text":"assurance that widespread adoption of blockchain technology will occur, and the development and acceptance of competing","page_number":18,"box":{"x":53,"y":165,"width":882,"height":11}},{"id":"fb6ba10c-f05e-4a3b-a3b9-7265dfa5c7f5","block_type":"box","text":"platforms or technologies may cause consumers or investors to use an alternative to blockchain technology. Blockchain","page_number":18,"box":{"x":53,"y":179,"width":846,"height":11}},{"id":"c81b10eb-c2a2-4cfd-a7e3-302f6b801293","block_type":"box","text":"companies may be subject to more volatility and less trading volume than securities of companies in more established","page_number":18,"box":{"x":53,"y":193,"width":836,"height":11}},{"id":"19604a8a-2254-4ff6-9450-0d50608ed31d","block_type":"box","text":"industries. Companies that are developing applications of blockchain technology may not in fact do so or may not be able to","page_number":18,"box":{"x":53,"y":208,"width":876,"height":10}},{"id":"f814d66c-a70a-4689-b0c0-54aadf370e23","block_type":"box","text":"capitalize on those blockchain technologies. A proliferation of recent companies attempting to apply blockchain technology","page_number":18,"box":{"x":53,"y":222,"width":875,"height":11}},{"id":"e94979ed-5bb0-4206-bffd-acbde8be8854","block_type":"box","text":"in different contexts means the possibility of conflicting intellectual property claims. The adoption of blockchain technology","page_number":18,"box":{"x":53,"y":236,"width":876,"height":11}},{"id":"7eeabce7-c96d-4364-97a0-33b9892655aa","block_type":"box","text":"may be impaired by laws or regulations. For example, China has recently moved to restrict the mining of crypto assets.","page_number":18,"box":{"x":53,"y":250,"width":833,"height":11}},{"id":"1cfed677-4122-4e02-8514-d80042ba6aed","block_type":"box","text":"Further, blockchain technology may be subject to future laws or regulations that may be difficult to predict. In addition,","page_number":18,"box":{"x":53,"y":264,"width":839,"height":11}},{"id":"0928615f-03dc-4650-9287-ebd1c06fc348","block_type":"box","text":"because blockchain functionality relies on the internet, a significant disruption of internet connectivity affecting large","page_number":18,"box":{"x":53,"y":278,"width":832,"height":11}},{"id":"814d17a6-f8f0-4e35-ac0e-e050ab6c3a1c","block_type":"box","text":"numbers of users or geographic areas could impede the functionality of blockchain technologies. Certain features of","page_number":18,"box":{"x":53,"y":293,"width":825,"height":10}},{"id":"d853df9d-c588-450d-ae73-87b1b35c8512","block_type":"box","text":"blockchain technology may increase the risk of fraud or cyber-attack. Blockchain companies involved in crypto assets may be","page_number":18,"box":{"x":53,"y":307,"width":886,"height":11}},{"id":"39e89a5e-2869-4991-bcf2-74612dd9b724","block_type":"box","text":"adversely affected by fluctuations in, and manipulation of, the price of crypto assets and a lack of liquid markets or","page_number":18,"box":{"x":53,"y":321,"width":808,"height":11}},{"id":"bb69f558-e833-41c1-8e8b-3f404561a96d","block_type":"box","text":"acceptance for certain crypto assets or government policies.","page_number":18,"box":{"x":53,"y":335,"width":425,"height":11}},{"id":"a139f59f-eeff-409a-8fae-ab063a7c7cce","block_type":"box","text":"Technology Companies Risk.","page_number":18,"box":{"x":52,"y":358,"width":211,"height":11}},{"id":"b34120a9-d55f-4f73-8601-f0af7a4a54fd","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":18,"box":{"x":267,"y":359,"width":657,"height":10}},{"id":"e7e7dc68-6775-4aa5-ae0d-16822b625b0d","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":18,"box":{"x":53,"y":373,"width":849,"height":10}},{"id":"1e22266d-dc32-477b-a52c-746c9631ac42","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":18,"box":{"x":53,"y":387,"width":887,"height":11}},{"id":"a21fa8af-8a65-4b41-a1ad-9b34f1e68d95","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":18,"box":{"x":53,"y":401,"width":883,"height":11}},{"id":"433b7b4d-139c-41d2-9f87-f45208c1d0c2","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":18,"box":{"x":52,"y":415,"width":839,"height":11}},{"id":"bcc9c469-4c92-4af3-b166-700ce43fa473","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":18,"box":{"x":53,"y":429,"width":870,"height":11}},{"id":"692d28d0-3e71-46e0-9d1c-0f4d5a91e825","block_type":"box","text":"government or legal action.","page_number":18,"box":{"x":53,"y":444,"width":192,"height":10}},{"id":"79cd0d01-ea44-45f2-a4b1-93ea78261316","block_type":"box","text":"Thematic Investing Risk.","page_number":18,"box":{"x":52,"y":467,"width":182,"height":11}},{"id":"1954ecf7-4823-4c9f-b9f5-a29560c95dc1","block_type":"box","text":"The Fund relies on the Index Provider to identify securities that reflect the relevant themes and","page_number":18,"box":{"x":238,"y":467,"width":668,"height":10}},{"id":"9d7be4db-7ee1-44e5-83b5-076e66eef8cb","block_type":"box","text":"sub-themes for inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the","page_number":18,"box":{"x":52,"y":481,"width":882,"height":11}},{"id":"062f37e8-8003-4592-8dd0-4ef416e1bad7","block_type":"box","text":"intended theme and sub-theme exposures. The Fund’s performance may suffer if such securities are not correctly identified,","page_number":18,"box":{"x":53,"y":495,"width":878,"height":11}},{"id":"c72ea67b-c054-4f7c-afaa-c9178be1fc86","block_type":"box","text":"if a theme or sub-theme develops in an unexpected manner, or if securities in the Underlying Index do not benefit from the","page_number":18,"box":{"x":53,"y":509,"width":864,"height":11}},{"id":"9656a4e8-4e53-4a9c-9fba-cc6f8d1e1b93","block_type":"box","text":"development of a theme or sub-theme. The Fund’s performance may also be impacted if securities that are not related to the","page_number":18,"box":{"x":53,"y":523,"width":879,"height":11}},{"id":"2d62e637-c233-4242-9a35-3043a6cea140","block_type":"box","text":"theme or sub-theme are included in the Underlying Index.","page_number":18,"box":{"x":52,"y":538,"width":410,"height":10}},{"id":"4a69f227-6d85-475b-8ee5-31bc056c9a7e","block_type":"box","text":"Equity Securities Risk.","page_number":18,"box":{"x":53,"y":561,"width":164,"height":11}},{"id":"f700d05f-6aaa-4f7a-8243-a89828bf111e","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":18,"box":{"x":223,"y":561,"width":709,"height":11}},{"id":"bbba2ad4-ec6d-48b9-ae98-eb27833cff48","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":18,"box":{"x":53,"y":575,"width":889,"height":11}},{"id":"5109d328-bc1e-4c6d-9fd5-3876c163f35e","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":18,"box":{"x":53,"y":589,"width":880,"height":11}},{"id":"dbbf5159-6ae2-4c5c-b023-6cb737e601b8","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":18,"box":{"x":53,"y":603,"width":867,"height":11}},{"id":"2bfc6731-d211-4945-bac1-138618222d13","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":18,"box":{"x":53,"y":617,"width":339,"height":11}},{"id":"2818faa9-75e3-49ec-b8ae-6cd35f35b54a","block_type":"box","text":"Market Risk.","page_number":18,"box":{"x":53,"y":641,"width":91,"height":8}},{"id":"81899961-de5a-4820-8faf-8da491747f02","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":18,"box":{"x":148,"y":641,"width":768,"height":11}},{"id":"6d4fbef6-bb3e-468d-97ac-df53eeed5721","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":18,"box":{"x":53,"y":655,"width":882,"height":11}},{"id":"b91de3d6-b491-4bcd-94ee-e41fecb60c8f","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":18,"box":{"x":53,"y":669,"width":858,"height":11}},{"id":"fb6ef6a9-2330-4ac9-9b51-378b50dcbfb9","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":18,"box":{"x":53,"y":683,"width":875,"height":11}},{"id":"dd82164e-426b-4680-bfcf-93cb9baae4b4","block_type":"box","text":"Fund’s NAV.","page_number":18,"box":{"x":53,"y":697,"width":82,"height":9}},{"id":"74045793-dd80-4916-a9e3-cbeedb77a4d3","block_type":"box","text":"Index-Related Risk.","page_number":18,"box":{"x":53,"y":721,"width":143,"height":8}},{"id":"7b7a62b8-7b2f-45b9-9fb5-ddccfded5ab8","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":18,"box":{"x":201,"y":721,"width":742,"height":10}},{"id":"fe34d5a5-38b8-4306-b7c0-6b119fff57e9","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":18,"box":{"x":53,"y":735,"width":856,"height":11}},{"id":"8d1a39db-5e80-4b29-9a63-0b65c67003db","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":18,"box":{"x":53,"y":749,"width":852,"height":11}},{"id":"6d1ff1ab-cd55-4c5e-8a55-441a752df2be","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":18,"box":{"x":53,"y":763,"width":876,"height":11}},{"id":"687eae2c-3d5e-4823-ba91-38be839daca1","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":18,"box":{"x":52,"y":777,"width":849,"height":11}},{"id":"76e4b7f0-d557-427a-99b6-f1ebd7091e9b","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":18,"box":{"x":53,"y":792,"width":849,"height":10}},{"id":"73b77696-59d8-42bf-b5e0-9baa7c3fcfd3","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":18,"box":{"x":53,"y":806,"width":890,"height":11}},{"id":"a5956b48-aafd-4e83-8669-66f3db31de3c","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":18,"box":{"x":53,"y":820,"width":853,"height":11}},{"id":"e44f63c9-6c9e-4a5f-93bd-f8519951f14a","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":18,"box":{"x":53,"y":834,"width":539,"height":11}},{"id":"d958f285-ec6b-421e-9bcb-f4ff1f94fb1e","block_type":"box","text":"Asset Class Risk.","page_number":18,"box":{"x":52,"y":857,"width":122,"height":9}},{"id":"996b8717-cc24-4e2c-8a03-96f53ba7ea18","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":18,"box":{"x":179,"y":857,"width":721,"height":11}},{"id":"7def7894-af29-433e-ba1d-b676838414d7","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":18,"box":{"x":53,"y":871,"width":774,"height":11}},{"id":"871d76d2-ab2e-4308-9cb5-f7049bb68cc3","block_type":"box","text":"S-10","page_number":18,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"7f35615e-98bc-4684-8611-4ede11dade4e","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":19,"box":{"x":52,"y":46,"width":291,"height":11}},{"id":"a36a7fd9-71f8-4a40-bfc6-c880f16b2398","block_type":"box","text":"From time to time, an Authorized Participant (as defined below in","page_number":19,"box":{"x":349,"y":46,"width":457,"height":11}},{"id":"c7ccc7ee-c771-41be-a912-e34443ffebe7","block_type":"box","text":"Authorized","page_number":19,"box":{"x":811,"y":47,"width":76,"height":8}},{"id":"dd85ac98-0957-401f-a40a-4978a6514757","block_type":"box","text":"Participant Concentration Risk","page_number":19,"box":{"x":53,"y":61,"width":214,"height":10}},{"id":"00968c42-56ac-4adc-bf20-f15e5f613fdc","block_type":"box","text":"), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund","page_number":19,"box":{"x":267,"y":61,"width":648,"height":10}},{"id":"bb1eaf13-4ff9-4ad0-8bd5-4aec0e25dd04","block_type":"box","text":"may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. 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Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":19,"box":{"x":52,"y":357,"width":854,"height":11}},{"id":"c53708ff-3787-41f4-a20f-8071642bcb3f","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":19,"box":{"x":53,"y":371,"width":869,"height":11}},{"id":"7d5629e9-67e9-4b28-b447-8dbba4f5c057","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":19,"box":{"x":53,"y":385,"width":309,"height":11}},{"id":"442abd0f-8ed1-45e4-a135-ca48e2a941ae","block_type":"box","text":"Financial Companies Risk.","page_number":19,"box":{"x":53,"y":409,"width":193,"height":10}},{"id":"f735f849-4734-4fb3-b828-1906288d39a5","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":19,"box":{"x":251,"y":409,"width":683,"height":10}},{"id":"a78792b6-8cb3-4db3-8d71-f5a0c94c0d70","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":19,"box":{"x":52,"y":423,"width":864,"height":11}},{"id":"e9c43716-5e30-48bc-89b2-903547d746cb","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":19,"box":{"x":53,"y":437,"width":812,"height":11}},{"id":"d7bdced2-ff45-40d7-8561-9a314fdeca12","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":19,"box":{"x":52,"y":451,"width":880,"height":11}},{"id":"c58bd785-3a16-4cec-8455-66f5be300e96","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":19,"box":{"x":53,"y":466,"width":612,"height":10}},{"id":"ca993736-4207-4d60-96e9-2d71d17aa884","block_type":"box","text":"Issuer Risk.","page_number":19,"box":{"x":53,"y":489,"width":83,"height":8}},{"id":"47b48d21-3f63-452b-9e53-c7c09f723a37","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":19,"box":{"x":140,"y":489,"width":780,"height":10}},{"id":"927dd599-cc96-4294-84ae-a1d949710886","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":19,"box":{"x":53,"y":503,"width":886,"height":11}},{"id":"8f6a250f-9847-4f36-9055-9daa11ac4e5f","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":19,"box":{"x":52,"y":517,"width":576,"height":11}},{"id":"3700d249-4995-457a-a7fd-1420659f329c","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":19,"box":{"x":53,"y":540,"width":278,"height":11}},{"id":"94e4e4f4-6206-4ab9-8567-a5b19c64b6f6","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":19,"box":{"x":337,"y":540,"width":540,"height":11}},{"id":"2bdb9b55-e626-48f6-bc18-763dab4bd07c","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":19,"box":{"x":53,"y":555,"width":890,"height":10}},{"id":"b8f8add2-51f6-4ed2-8b9b-9b146fd49818","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":19,"box":{"x":53,"y":569,"width":868,"height":10}},{"id":"34dbe5d7-151b-4d18-8aa3-4b99274c898c","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":19,"box":{"x":53,"y":583,"width":709,"height":11}},{"id":"e5518e1a-fbdf-4551-9906-fcea3d82293c","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":19,"box":{"x":53,"y":606,"width":395,"height":11}},{"id":"b7b59090-934c-49ed-82b4-aef29612b10c","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":19,"box":{"x":453,"y":606,"width":410,"height":11}},{"id":"d56b08de-687e-477a-8b8d-8022786892bc","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":19,"box":{"x":53,"y":620,"width":883,"height":11}},{"id":"8aa5cbf0-94f8-4c1e-8435-fcd80b353748","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":19,"box":{"x":52,"y":634,"width":884,"height":11}},{"id":"e6e13e7e-9947-4f86-98e2-0d5095a1541e","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":19,"box":{"x":53,"y":648,"width":872,"height":11}},{"id":"9463e6be-7673-41b2-813f-35043fe6bb87","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":19,"box":{"x":53,"y":663,"width":812,"height":10}},{"id":"95acf81c-941e-4406-b1ad-012e45936da2","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":19,"box":{"x":53,"y":677,"width":890,"height":11}},{"id":"80f40e2c-0a24-4005-8195-b119fc06dfa7","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":19,"box":{"x":52,"y":691,"width":891,"height":10}},{"id":"785179c5-7f7f-458f-b6e1-4425c974b9c0","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":19,"box":{"x":53,"y":705,"width":836,"height":11}},{"id":"21f7ccb7-2037-4dea-b782-5e9efcfe957b","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":19,"box":{"x":53,"y":719,"width":810,"height":11}},{"id":"d6cebfd4-cada-434b-855d-d28ced3248f8","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":19,"box":{"x":53,"y":734,"width":861,"height":10}},{"id":"51adb269-2f7b-4b60-bdd4-99cd7a72d749","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":19,"box":{"x":53,"y":748,"width":875,"height":11}},{"id":"264eef77-c7c2-4c23-ac76-e9bec0def2fd","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":19,"box":{"x":52,"y":762,"width":654,"height":11}},{"id":"288cc2e3-e5ed-49f0-b2b1-0967333a0e3d","block_type":"box","text":"Management Risk.","page_number":19,"box":{"x":53,"y":785,"width":137,"height":11}},{"id":"86ab9d91-b34b-4812-8876-c791108a076a","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":19,"box":{"x":194,"y":785,"width":711,"height":11}},{"id":"06ca075c-040b-4816-9003-c5d22574430a","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":19,"box":{"x":53,"y":799,"width":877,"height":11}},{"id":"199627d6-d9f8-439b-8100-f703a32f8218","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":19,"box":{"x":53,"y":813,"width":859,"height":11}},{"id":"5362e23b-30d4-46b1-b7bc-1d90d8bc7ff0","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":19,"box":{"x":52,"y":828,"width":848,"height":10}},{"id":"01367d33-ae52-4efa-9d21-65dbef7447d7","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":19,"box":{"x":53,"y":842,"width":756,"height":11}},{"id":"903915d3-f4d0-444f-8752-4dec26727e59","block_type":"box","text":"Market Trading Risk.","page_number":19,"box":{"x":53,"y":865,"width":152,"height":11}},{"id":"b1c92734-5e04-4bb8-8a31-3a03ba16282d","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":19,"box":{"x":209,"y":865,"width":694,"height":11}},{"id":"6c28d32a-0d16-4c04-bea7-64074b75b3bc","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":19,"box":{"x":53,"y":879,"width":841,"height":11}},{"id":"b13de178-63bd-45b2-86d1-afa473b40814","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":19,"box":{"x":53,"y":893,"width":887,"height":11}},{"id":"1913ce7d-96cc-4bea-804f-fce5e190c54f","block_type":"box","text":"S-11","page_number":19,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"03ae37bb-174e-4fe0-82a2-128900268221","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":20,"box":{"x":52,"y":46,"width":839,"height":11}},{"id":"3448ea4e-81f7-4fdb-af5f-91a0b993fd4c","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":20,"box":{"x":53,"y":61,"width":866,"height":10}},{"id":"7f4a6273-60d7-4d37-9cb4-7c7a78623d0b","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":20,"box":{"x":52,"y":75,"width":885,"height":11}},{"id":"2a3ffad2-1e94-4c44-ae57-4f3ab091268d","block_type":"box","text":"of the Fund shares.","page_number":20,"box":{"x":53,"y":89,"width":134,"height":8}},{"id":"30a9eff6-a553-46a2-a006-8f2868370a6a","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":20,"box":{"x":53,"y":112,"width":264,"height":11}},{"id":"97e3026a-75ef-4120-8009-93e9dc103321","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":20,"box":{"x":323,"y":112,"width":590,"height":11}},{"id":"70595474-1df2-457b-814b-4513883ea905","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":20,"box":{"x":53,"y":126,"width":846,"height":11}},{"id":"5ab8acbc-70c3-4508-9a39-7d2290966fcc","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":20,"box":{"x":52,"y":140,"width":875,"height":11}},{"id":"1c28613a-4cb4-4877-9bae-b1bb2fde4ef4","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":20,"box":{"x":52,"y":155,"width":529,"height":11}},{"id":"d80035a2-10b6-4a25-b27b-3f7ee40c3503","block_type":"box","text":"Non-Diversification Risk.","page_number":20,"box":{"x":53,"y":178,"width":184,"height":8}},{"id":"db729e86-ac1b-41bc-981a-e9954c13517c","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":20,"box":{"x":242,"y":178,"width":633,"height":10}},{"id":"9ac41731-7264-4266-882c-db3ee78989c4","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":20,"box":{"x":53,"y":192,"width":802,"height":11}},{"id":"c9f02fbb-422b-4967-b3a9-6866fbd52441","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":20,"box":{"x":53,"y":206,"width":888,"height":11}},{"id":"559138ca-bfd5-49a7-a092-6974ca5760a3","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":20,"box":{"x":53,"y":220,"width":876,"height":11}},{"id":"6e3858b8-ce40-489d-a716-3eef3fdb6e8f","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":20,"box":{"x":53,"y":235,"width":696,"height":10}},{"id":"62c1cf38-02ab-462c-9a8c-2eb8f0eafebb","block_type":"box","text":"Operational and Technology Risks.","page_number":20,"box":{"x":53,"y":258,"width":254,"height":11}},{"id":"fed6b620-fefb-4c5c-a18a-ffc0e05668ab","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":20,"box":{"x":312,"y":258,"width":581,"height":11}},{"id":"35695a2d-1f99-4b0a-ae81-fbeba71b2df2","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":20,"box":{"x":53,"y":272,"width":876,"height":11}},{"id":"3048036e-5c3e-4544-9fe2-b177ed6dd77a","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":20,"box":{"x":53,"y":286,"width":879,"height":11}},{"id":"88ce3c4e-3047-406f-8a64-777eb2f6b893","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":20,"box":{"x":53,"y":300,"width":825,"height":11}},{"id":"a3869549-e8b4-482b-8eae-0260e77ae87a","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":20,"box":{"x":53,"y":315,"width":862,"height":10}},{"id":"854cb6ae-3b8c-4dd7-b248-71b1e2a25f5a","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":20,"box":{"x":53,"y":329,"width":872,"height":11}},{"id":"cb3739f5-d489-44f4-89e0-64ea766f4986","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":20,"box":{"x":53,"y":343,"width":824,"height":11}},{"id":"61f9892a-ec0b-4b1a-9d68-dfb18b2ab554","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":20,"box":{"x":53,"y":366,"width":253,"height":11}},{"id":"d3496673-8e98-4e51-aa10-b0db0d905574","block_type":"box","text":"The Fund invests in countries or regions whose economies are heavily dependent upon","page_number":20,"box":{"x":310,"y":366,"width":614,"height":11}},{"id":"bb0602c3-2711-4196-95e0-ef35e22a6d65","block_type":"box","text":"trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its","page_number":20,"box":{"x":52,"y":380,"width":871,"height":11}},{"id":"a5ee8714-9646-4cf0-92d3-d61dcfcabf4a","block_type":"box","text":"holdings of securities of certain issuers, the Fund is specifically exposed to","page_number":20,"box":{"x":53,"y":394,"width":527,"height":11}},{"id":"de692929-8197-4a8c-bcfb-314077028246","block_type":"box","text":"Asian Economic Risk","page_number":20,"box":{"x":584,"y":394,"width":154,"height":9}},{"id":"2e4c4051-6828-44f0-953a-3724c8c971c7","block_type":"box","text":"and","page_number":20,"box":{"x":742,"y":395,"width":26,"height":8}},{"id":"b2a160ff-d1c7-479f-940f-9c141011becb","block_type":"box","text":"North American","page_number":20,"box":{"x":774,"y":394,"width":116,"height":9}},{"id":"5a2fdfc7-d9ab-45e5-8d4c-9bcb9868c265","block_type":"box","text":"Economic Risk","page_number":20,"box":{"x":53,"y":409,"width":108,"height":8}},{"id":"03a5b906-8707-4075-bb7e-dab3527b192f","block_type":"box","text":".","page_number":20,"box":{"x":162,"y":416,"width":1,"height":1}},{"id":"d3d20f82-0d99-4495-9822-e030a52da0f6","block_type":"box","text":"Risk of Investing in China.","page_number":20,"box":{"x":53,"y":432,"width":191,"height":11}},{"id":"13627d72-14bd-437a-87db-4c7d721d285b","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":20,"box":{"x":250,"y":432,"width":678,"height":11}},{"id":"4862b5b0-0091-453f-a88d-80e57ad0bd13","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":20,"box":{"x":53,"y":446,"width":819,"height":11}},{"id":"ff46fc19-b693-46cf-ab4f-165c1ddde28a","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":20,"box":{"x":53,"y":460,"width":866,"height":11}},{"id":"4a6bf567-89b4-4d49-b4b4-dbe7c48c481b","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":20,"box":{"x":53,"y":474,"width":866,"height":11}},{"id":"b59df2f6-3d6a-4e16-a3c0-05f299f86262","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":20,"box":{"x":52,"y":489,"width":841,"height":10}},{"id":"b1b3dd11-5d44-4712-88aa-bedebc202bbb","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":20,"box":{"x":53,"y":503,"width":864,"height":11}},{"id":"a283ab6a-4cf5-4ab3-af53-df365c957a4a","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":20,"box":{"x":52,"y":517,"width":861,"height":11}},{"id":"7c74f312-675e-44f4-9eb5-a74d6cf762ac","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":20,"box":{"x":53,"y":531,"width":869,"height":11}},{"id":"cc61ee4f-e66e-4ef6-a87f-b68b3d8247b5","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":20,"box":{"x":53,"y":545,"width":783,"height":11}},{"id":"ceff10a0-6c1a-4838-a76c-9e4cd53c1efb","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":20,"box":{"x":53,"y":569,"width":887,"height":10}},{"id":"6ec0881f-a84b-4427-b405-82603ea3c101","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":20,"box":{"x":52,"y":583,"width":834,"height":11}},{"id":"9b099db6-f13a-4051-9df8-8c2153751824","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":20,"box":{"x":52,"y":597,"width":845,"height":11}},{"id":"c9a7245c-1224-42d8-8598-ba135f4e6abb","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":20,"box":{"x":53,"y":611,"width":876,"height":11}},{"id":"8a4ee806-6ed3-4d5e-a580-e774a3ab0e66","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":20,"box":{"x":53,"y":625,"width":834,"height":11}},{"id":"85e16496-2947-46b1-8577-59099104588e","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":20,"box":{"x":53,"y":639,"width":421,"height":11}},{"id":"c8efddb0-897d-4f11-808d-740bef897ecc","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":20,"box":{"x":52,"y":663,"width":849,"height":10}},{"id":"51bf52a6-691b-4261-b47a-75a45a34cbf9","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":20,"box":{"x":53,"y":677,"width":886,"height":11}},{"id":"997fe763-1357-46be-ab75-9bfbac4e7ed4","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":20,"box":{"x":53,"y":691,"width":878,"height":11}},{"id":"acf25657-0089-4426-a727-53cc736da2fa","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":20,"box":{"x":53,"y":705,"width":874,"height":11}},{"id":"49c83cb9-d0e1-48ea-9847-19b90bd277ba","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":20,"box":{"x":53,"y":719,"width":878,"height":11}},{"id":"9ea42b6d-28e2-4460-8131-30b56abedb9d","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":20,"box":{"x":53,"y":734,"width":807,"height":10}},{"id":"edc81195-654f-44a1-9975-ee7b73d375df","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":20,"box":{"x":53,"y":748,"width":890,"height":11}},{"id":"7d4a1f76-5e45-4026-952c-1499c31d4d11","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":20,"box":{"x":52,"y":762,"width":471,"height":11}},{"id":"3a9e0981-fe59-4051-b43e-0f585fb4e265","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":20,"box":{"x":53,"y":785,"width":883,"height":11}},{"id":"ccb920d9-e5fc-4118-9c65-3e240415d2c4","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":20,"box":{"x":53,"y":799,"width":850,"height":11}},{"id":"c1d26a24-05ea-4c05-9afa-1bad39836d8a","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":20,"box":{"x":53,"y":814,"width":861,"height":10}},{"id":"c394e327-9583-4510-a8da-d128c4ad72fc","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":20,"box":{"x":53,"y":828,"width":850,"height":10}},{"id":"fc61e7c8-304c-4676-954a-7a7d9e5ee15b","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":20,"box":{"x":53,"y":842,"width":883,"height":11}},{"id":"20c38c27-4a07-428b-b713-e908f81b5f7b","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":20,"box":{"x":52,"y":856,"width":860,"height":11}},{"id":"e9ed25d2-4f36-4686-9c3f-0af32303da61","block_type":"box","text":"have limited legal remedies.","page_number":20,"box":{"x":53,"y":870,"width":196,"height":11}},{"id":"f4112e67-a9b3-4d3d-81e6-049ac3bd3cfc","block_type":"box","text":"S-12","page_number":20,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"9c84c6f3-661a-4d26-9de1-fd090f51c18b","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":21,"box":{"x":53,"y":46,"width":845,"height":11}},{"id":"89d18c16-8c66-4286-85bd-55df601192b3","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":21,"box":{"x":52,"y":61,"width":836,"height":10}},{"id":"3489f283-00ea-4e2e-aeef-90d1d1107969","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":21,"box":{"x":53,"y":75,"width":851,"height":11}},{"id":"b891112c-ad3f-46ee-b2bb-a89a4229ebe1","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":21,"box":{"x":52,"y":89,"width":779,"height":10}},{"id":"4f6b6cb2-4f69-4fc3-b8f5-ef68ed5a5931","block_type":"box","text":"considerations.","page_number":21,"box":{"x":53,"y":103,"width":107,"height":9}},{"id":"5eadf830-e596-45b7-b811-27afdaaee218","block_type":"box","text":"Risk of Investing in the U.S.","page_number":21,"box":{"x":53,"y":126,"width":200,"height":11}},{"id":"16f407e3-1a8d-46af-9e65-a2a698a81790","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":21,"box":{"x":259,"y":126,"width":663,"height":11}},{"id":"ed41729b-5168-4b37-981f-4492a19b836d","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":21,"box":{"x":53,"y":141,"width":877,"height":10}},{"id":"f18b9524-6fe7-434e-9cf8-71e5906921fb","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":21,"box":{"x":53,"y":155,"width":470,"height":11}},{"id":"56db0e09-b283-46c2-af03-9e93e09ab5bf","block_type":"box","text":"Securities Lending Risk.","page_number":21,"box":{"x":52,"y":178,"width":178,"height":11}},{"id":"24a04ef9-25d3-4b5b-bb11-12ad1f15ed9e","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":21,"box":{"x":234,"y":178,"width":692,"height":11}},{"id":"6e06013b-c5cb-4ed9-b667-1f374b03fdad","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":21,"box":{"x":53,"y":192,"width":870,"height":11}},{"id":"9006dede-12d7-471e-9054-3165d6c6cbba","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":21,"box":{"x":53,"y":206,"width":886,"height":11}},{"id":"8d6eaa40-1e93-4827-83af-f314bd39433b","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":21,"box":{"x":53,"y":220,"width":831,"height":11}},{"id":"20a55a9e-fc66-46da-8782-731e01634e49","block_type":"box","text":"Tracking Error Risk.","page_number":21,"box":{"x":52,"y":244,"width":145,"height":11}},{"id":"f00aeec5-10cd-422b-bbf9-65b2708da6e1","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":21,"box":{"x":201,"y":243,"width":741,"height":11}},{"id":"7f6c8506-89f4-4e62-9862-99473c6caa48","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":21,"box":{"x":53,"y":258,"width":861,"height":11}},{"id":"51bd3c83-6825-41ca-b4fb-d54ddfd525b8","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":21,"box":{"x":53,"y":272,"width":832,"height":11}},{"id":"e55888dd-3540-403b-b922-26458b4faadb","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":21,"box":{"x":53,"y":286,"width":880,"height":11}},{"id":"1e1b6837-9d65-4b8f-92ab-f298bf53fea6","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":21,"box":{"x":53,"y":300,"width":831,"height":11}},{"id":"ad8fb943-029b-4b30-b95a-068215a1a423","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":21,"box":{"x":52,"y":315,"width":828,"height":10}},{"id":"62f3f7c9-3a48-423d-91b4-209170dea8c0","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":21,"box":{"x":53,"y":329,"width":873,"height":11}},{"id":"2f142156-7e15-4af7-87aa-6e2328c31366","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":21,"box":{"x":53,"y":343,"width":889,"height":11}},{"id":"d78aaab9-5c7d-4668-a232-20027be63d1a","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":21,"box":{"x":53,"y":357,"width":852,"height":11}},{"id":"161c054f-135a-492d-8d37-49e301e4f0b4","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":21,"box":{"x":53,"y":371,"width":886,"height":11}},{"id":"46b519a0-49e6-4657-b582-eaef92e11b50","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":21,"box":{"x":53,"y":385,"width":873,"height":11}},{"id":"322cdc71-ab9d-4404-b15c-f792928d8933","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":21,"box":{"x":53,"y":400,"width":879,"height":10}},{"id":"0b95a9ed-2582-4fb8-8847-35adb0d5e0ca","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":21,"box":{"x":53,"y":414,"width":839,"height":11}},{"id":"3f096af6-e2b7-4e70-9930-9e3a6f47794a","block_type":"box","text":"Valuation Risk.","page_number":21,"box":{"x":52,"y":437,"width":110,"height":9}},{"id":"a17b6716-fe09-4668-bafc-8fe611bd4e72","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":21,"box":{"x":166,"y":437,"width":740,"height":11}},{"id":"0ef4fca1-bc1a-4269-ada0-e4252f4f7e30","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":21,"box":{"x":53,"y":451,"width":840,"height":11}},{"id":"90fbf1d4-0722-4243-ad88-710c04fe8c1a","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":21,"box":{"x":52,"y":465,"width":869,"height":11}},{"id":"536442cc-44d2-4e6c-95c7-0e18f1e6d10d","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":21,"box":{"x":52,"y":480,"width":889,"height":10}},{"id":"f2792d02-198a-432d-a34c-44549b787684","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":21,"box":{"x":53,"y":494,"width":871,"height":11}},{"id":"774007a5-7f9e-4aa2-80d7-167a010641ba","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":21,"box":{"x":52,"y":508,"width":879,"height":11}},{"id":"1d6c7482-78aa-422a-8f56-1c655fa62482","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":21,"box":{"x":53,"y":522,"width":880,"height":11}},{"id":"5fa06e7b-0916-4552-b8e1-97618d434358","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":21,"box":{"x":53,"y":536,"width":816,"height":11}},{"id":"d448bfbf-c3cd-48ba-9787-6d937e878d11","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":21,"box":{"x":52,"y":551,"width":613,"height":10}},{"id":"475d2d81-bc5c-4436-beb9-eda077494968","block_type":"box","text":"Performance Information","page_number":21,"box":{"x":54,"y":579,"width":228,"height":11}},{"id":"fa74b28d-4bea-4ec9-a5e1-1e3f957654c1","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":21,"box":{"x":52,"y":605,"width":864,"height":10}},{"id":"4ffdd5a4-e73c-4368-b974-85b6830bc166","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":21,"box":{"x":52,"y":619,"width":872,"height":11}},{"id":"145e9e0e-b190-45be-bebd-e62cbfe37511","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":21,"box":{"x":53,"y":633,"width":868,"height":11}},{"id":"6e550869-6bb6-4fbd-a270-f1e093f4f9a0","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":21,"box":{"x":53,"y":647,"width":838,"height":11}},{"id":"4ec78ed8-804d-42e9-ba17-ed70f702dd72","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":21,"box":{"x":53,"y":661,"width":868,"height":11}},{"id":"f3731143-86cf-4a90-bf01-604749520f3b","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":21,"box":{"x":53,"y":675,"width":832,"height":11}},{"id":"d8924f86-50b6-44fa-8c5a-de6936f2173c","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":21,"box":{"x":53,"y":690,"width":842,"height":11}},{"id":"2bf9eeb0-b69b-4589-9f1a-7d283de4916c","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":21,"box":{"x":52,"y":704,"width":531,"height":11}},{"id":"bab6fc78-cbf2-455d-aa5f-ffd40991f340","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":21,"box":{"x":135,"y":728,"width":260,"height":11}},{"id":"386ec269-e717-40b2-ba24-54193e4089a0","block_type":"box","text":"201.77","page_number":21,"box":{"x":126,"y":794,"width":32,"height":6}},{"id":"c4d0c361-8aa1-4d6a-9a3f-784f4a973827","block_type":"box","text":"18.06","page_number":21,"box":{"x":253,"y":859,"width":25,"height":6}},{"id":"ecd2976b-a32b-4a0b-b7b9-ab33a9d0f75e","block_type":"box","text":"27.78","page_number":21,"box":{"x":376,"y":856,"width":26,"height":6}},{"id":"beac494a-e0a3-4b4e-a2d9-4ca29d730d14","block_type":"box","text":"2023 2024 2025","page_number":21,"box":{"x":130,"y":883,"width":270,"height":5}},{"id":"43c002bb-6a4b-4ba4-8258-852deaad41d3","block_type":"box","text":"Return (%) Period Ended","page_number":21,"box":{"x":736,"y":743,"width":188,"height":9}},{"id":"f46f5b7f-b970-4b2b-84c7-824b44ad5b54","block_type":"box","text":"Calendar Year-to-Date Return","page_number":21,"box":{"x":520,"y":762,"width":197,"height":7}},{"id":"c3126a64-806c-4748-855f-edc1e86e6a00","block_type":"box","text":"16.78% June 30, 2026","page_number":21,"box":{"x":750,"y":762,"width":192,"height":8}},{"id":"cc19017e-fc10-41c8-ace4-3a3a14e2eeba","block_type":"box","text":"During the periods shown in the chart:","page_number":21,"box":{"x":520,"y":774,"width":250,"height":10}},{"id":"fc969841-be29-4101-bbf7-b9f9696247a1","block_type":"box","text":"Best Quarter 84.45% December 31, 2023","page_number":21,"box":{"x":534,"y":787,"width":408,"height":9}},{"id":"91ce8798-cad4-4f5d-adda-dd6c0870ed31","block_type":"box","text":"Worst Quarter -27.55% March 31, 2025","page_number":21,"box":{"x":533,"y":800,"width":409,"height":9}},{"id":"cb050e04-db7f-4002-8abb-e245fcc02de5","block_type":"box","text":"S-13","page_number":21,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"d109a62b-fb8f-4c49-9831-bac183379519","block_type":"box","text":"Average Annual Total Returns (%)","page_number":22,"box":{"x":372,"y":54,"width":251,"height":11}},{"id":"9899af52-2239-4d52-9c03-a5100531bc29","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":22,"box":{"x":340,"y":68,"width":315,"height":11}},{"id":"9d81dc14-9946-418d-9e0c-918485adfdf0","block_type":"box","text":"One Year","page_number":22,"box":{"x":767,"y":95,"width":58,"height":8}},{"id":"57d5b178-6705-4a7c-9883-4f5744f1eb78","block_type":"box","text":"Since Fund","page_number":22,"box":{"x":866,"y":85,"width":72,"height":7}},{"id":"24ba21a7-986a-469c-9f52-af034b67ee15","block_type":"box","text":"Inception","page_number":22,"box":{"x":872,"y":95,"width":61,"height":9}},{"id":"d6030830-6583-4c4b-865d-63ff1cd59662","block_type":"box","text":"Fund Inception: 4/25/2022","page_number":22,"box":{"x":58,"y":110,"width":179,"height":10}},{"id":"a9d75b6d-2d90-413b-b142-984101bb21a2","block_type":"box","text":"Return Before Taxes","page_number":22,"box":{"x":58,"y":122,"width":125,"height":8}},{"id":"a60e9d22-3e2b-4338-ab2d-80f7168405ea","block_type":"box","text":"27.78% 16.94%","page_number":22,"box":{"x":778,"y":122,"width":156,"height":8}},{"id":"5b14139a-abaf-4e90-8c28-e27dae3d6e15","block_type":"box","text":"Return After Taxes on Distributions","page_number":22,"box":{"x":58,"y":134,"width":219,"height":7}},{"id":"162dc47a-cdb7-4bd2-b05b-79487f63240f","block_type":"box","text":"25.01% 15.72%","page_number":22,"box":{"x":778,"y":134,"width":156,"height":7}},{"id":"cee9bf72-f7e2-48e5-b08b-03bac662c009","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 16.73% 12.92%","page_number":22,"box":{"x":58,"y":145,"width":876,"height":8}},{"id":"37d387ee-61a5-45f2-bf1a-51c8e6741e8b","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":22,"box":{"x":58,"y":157,"width":232,"height":10}},{"id":"a7894612-45ac-4be0-a696-61392b46227d","block_type":"box","text":"1","page_number":22,"box":{"x":291,"y":156,"width":5,"height":4}},{"id":"9950eb71-c551-4438-bda4-329d8356c9c3","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes except","page_number":22,"box":{"x":300,"y":157,"width":429,"height":9}},{"id":"cfc10615-1703-4931-be19-cfbf3ac45ee3","block_type":"box","text":"for withholding taxes on reinvested dividends) 22.34% 13.83%","page_number":22,"box":{"x":71,"y":170,"width":863,"height":9}},{"id":"eccab3f6-38a4-48e4-966d-c048a12267be","block_type":"box","text":"NYSE FactSet Global Blockchain Technologies Index (Net)","page_number":22,"box":{"x":58,"y":181,"width":380,"height":10}},{"id":"1a161761-4a03-427f-8e3d-244955fd569b","block_type":"box","text":"1","page_number":22,"box":{"x":439,"y":180,"width":5,"height":5}},{"id":"0d2f5c22-39a7-46ad-8b3d-259d3ec9bbe4","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":22,"box":{"x":448,"y":181,"width":269,"height":9}},{"id":"9ad898fb-7dd4-49bf-bb24-009d2948673a","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 27.88% 16.66%","page_number":22,"box":{"x":71,"y":194,"width":863,"height":10}},{"id":"89795485-698e-49d0-8e19-698ca0136fbb","block_type":"box","text":"1","page_number":22,"box":{"x":80,"y":213,"width":5,"height":5}},{"id":"84b7cce5-f52b-4982-9996-23b6f3de10ce","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":22,"box":{"x":94,"y":214,"width":827,"height":10}},{"id":"e6bd03ee-cf9f-4a00-9edc-d823252bccc9","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":22,"box":{"x":93,"y":225,"width":847,"height":9}},{"id":"f0e9e2be-b7c7-4a89-80d5-f28ce10f5f1a","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":22,"box":{"x":93,"y":235,"width":843,"height":10}},{"id":"ed270e3b-3af7-46f9-96e3-28b50c563212","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":22,"box":{"x":92,"y":245,"width":829,"height":10}},{"id":"2dfaa48b-cba1-4069-811a-3256de13f526","block_type":"box","text":"tax rates, if any.","page_number":22,"box":{"x":92,"y":256,"width":97,"height":9}},{"id":"121fc3c9-28cc-438e-9567-d37818de2929","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":22,"box":{"x":52,"y":275,"width":857,"height":11}},{"id":"b3192781-649a-4d34-8014-e656f2abd39a","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":22,"box":{"x":53,"y":289,"width":865,"height":11}},{"id":"3bbc27f8-6c80-45fc-8f8e-02163e803f77","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":22,"box":{"x":53,"y":304,"width":847,"height":10}},{"id":"b1403b08-c9c7-46fa-9720-b0d7b7482d19","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":22,"box":{"x":52,"y":318,"width":857,"height":11}},{"id":"baaa3fec-98d8-4d79-ab05-342a78fb926d","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":22,"box":{"x":53,"y":332,"width":877,"height":11}},{"id":"0c3f16de-54aa-4b6e-94b7-36791dcd3ae7","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. 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Individual shares of the Fund may only be bought","page_number":22,"box":{"x":52,"y":624,"width":878,"height":11}},{"id":"d47042d5-caa4-4ce3-b685-a9bb4223ea20","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":22,"box":{"x":53,"y":638,"width":855,"height":11}},{"id":"8919104d-85f1-4f12-8d75-43fe3029f94d","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":22,"box":{"x":52,"y":652,"width":817,"height":11}},{"id":"71e9a545-0463-482b-8f8e-8c8b459aa282","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":22,"box":{"x":53,"y":666,"width":878,"height":11}},{"id":"a9337a8a-130e-42cc-9e5d-bae472f483c0","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":22,"box":{"x":53,"y":681,"width":861,"height":10}},{"id":"7a91c22e-c06d-4b01-a859-5489a60fd209","block_type":"box","text":"(the “bid-ask spread”).","page_number":22,"box":{"x":53,"y":695,"width":156,"height":10}},{"id":"a6d6dacc-cf48-4a80-b5de-c994304fa966","block_type":"box","text":"Tax Information","page_number":22,"box":{"x":52,"y":724,"width":144,"height":10}},{"id":"18f6110b-7cf5-4a71-810b-953fe6bfba4c","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":22,"box":{"x":52,"y":749,"width":831,"height":11}},{"id":"bdd8897f-d93a-4fe0-8802-f6eaea381126","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":22,"box":{"x":53,"y":763,"width":883,"height":11}},{"id":"4283668d-514f-43fe-a9ea-6977d67211ca","block_type":"box","text":"be taxed when withdrawn.","page_number":22,"box":{"x":53,"y":778,"width":182,"height":8}},{"id":"9c77a608-b2ab-4443-882e-db89ab7ef33b","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":22,"box":{"x":54,"y":806,"width":575,"height":14}},{"id":"1be610b8-c51f-4321-8430-41511d748521","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":22,"box":{"x":53,"y":831,"width":855,"height":11}},{"id":"48dcdd91-539a-4b69-afae-a0bc4ce75a37","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":22,"box":{"x":53,"y":846,"width":843,"height":11}},{"id":"15314287-dff5-4d51-a4b8-d62c735e47d4","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":22,"box":{"x":53,"y":860,"width":820,"height":11}},{"id":"e84bd45f-4bb0-4cad-9b8e-2b698d4428a0","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":22,"box":{"x":53,"y":874,"width":801,"height":11}},{"id":"6a5b82a4-be5f-4408-8881-bff1b4ac99ab","block_type":"box","text":"S-14","page_number":22,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"facdda29-a43f-44a5-9ac2-275a52f07a55","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":23,"box":{"x":53,"y":47,"width":841,"height":10}},{"id":"76a1aef4-4117-4bcd-a23d-2415576aeec0","block_type":"box","text":"financial intermediary’s website for more information.","page_number":23,"box":{"x":52,"y":61,"width":380,"height":10}},{"id":"84210eb7-97f9-4e0c-8311-69e961ed3050","block_type":"box","text":"S-15","page_number":23,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"96d627cb-e418-40f6-a2de-20a2db9e59b8","block_type":"box","text":"iShares Copper and Metals Mining ETF","page_number":24,"box":{"x":53,"y":47,"width":543,"height":20}},{"id":"eb62ec2a-0afe-4b3a-b168-845e71acd746","block_type":"box","text":"ICOP | Nasdaq","page_number":24,"box":{"x":54,"y":70,"width":198,"height":21}},{"id":"9c9e5e43-0cb5-411d-bd72-032e8ebb9710","block_type":"box","text":"Investment Objective","page_number":24,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"c8722998-75b1-450f-b7d5-e9d26b539219","block_type":"box","text":"The iShares Copper and Metals Mining ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":24,"box":{"x":52,"y":134,"width":869,"height":11}},{"id":"692c2028-7852-4587-8470-ad372b855bd7","block_type":"box","text":"and non-U.S. equities of companies primarily engaged in copper and metal ore mining.","page_number":24,"box":{"x":53,"y":148,"width":614,"height":11}},{"id":"fdca47ea-7a54-4392-94a3-f71b82244e52","block_type":"box","text":"Fees and Expenses","page_number":24,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"247f0e45-3f8f-400e-a8db-e1586af1ab20","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":24,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"328b7b3d-9621-4f34-9e56-285177731f1d","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":24,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"bed62691-47c8-4b09-8dd2-a2d46365f15a","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":24,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"b24e2268-2d6e-41b9-9862-d476dd73beb2","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":24,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"3bbbc4e8-5679-4c60-9105-58d6451f0d76","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":24,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"f775b9a1-2382-4bb2-9dfe-65c29a2b48b2","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":24,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"f4024803-f7ab-498b-81b8-c023f75e06e0","block_type":"box","text":"extraordinary expenses.","page_number":24,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"9f035c83-b903-4584-a4a7-1339e8580229","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":24,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"185cc6c2-66f9-4c73-aa11-04acad085076","block_type":"box","text":"reflected in the table and example below.","page_number":24,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"a4ab8f46-2878-4cf2-a636-ef38c0a3251d","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":24,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"fffbc792-d3af-45ac-9fdb-eb2a41736b32","block_type":"box","text":"1","page_number":24,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"92bc790e-0749-4528-8a20-b1a86dbf7fb1","block_type":"box","text":"Management Fee","page_number":24,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"3b96ebaa-66f0-4fe9-93c6-83e554011db2","block_type":"box","text":"0.47%","page_number":24,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"d74eca62-a1be-49be-a2f7-544f1dec3a39","block_type":"box","text":"Other Expenses","page_number":24,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"7b3376fa-25f8-406b-bf2e-b31c21b5d648","block_type":"box","text":"0.00%","page_number":24,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"b847d9eb-8ec3-43f5-b3b5-fc53bd79d183","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":24,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"e6249dcb-e041-4dd6-8cff-b8bc4eaeccfd","block_type":"box","text":"0.47%","page_number":24,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"7eac9c7f-470e-4398-9481-6137f0806985","block_type":"box","text":"1","page_number":24,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"003f989e-9fc9-4a73-a161-8a50c73936ca","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":24,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"18a6852c-a78b-48bc-9190-de32678985b2","block_type":"box","text":"Example.","page_number":24,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"48eb972f-8082-4d52-8d9f-bee7a892f687","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":24,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"cde7a534-1f19-4626-b058-6dd38e468866","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":24,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"d99f06a1-6dcb-44db-a2ca-31b59da8ab52","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":24,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"a27b3d69-a92a-4384-8597-702490e40105","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":24,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"ffbff527-5f1f-459c-b3fd-f080cc168728","block_type":"box","text":"your costs would be:","page_number":24,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"a6e8365f-2123-412e-9634-88a3fe4f1b40","block_type":"box","text":"Expense Example","page_number":24,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"ccd3b0fc-f9ff-45dc-83d1-53788c332635","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":24,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"a23acf5d-8750-48ea-8cb2-aa7451d126d8","block_type":"box","text":"Example Fund Costs","page_number":24,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"09b004d7-b0d9-4f94-883b-6d2eecae907c","block_type":"box","text":"$48 $151 $263 $591","page_number":24,"box":{"x":671,"y":542,"width":260,"height":8}},{"id":"75dc49bb-f44b-4d44-9a81-e424a9905cc1","block_type":"box","text":"Portfolio Turnover.","page_number":24,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"6ee8361a-05fd-419e-8838-df71b963696f","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":24,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"f71758cc-b308-4d92-9ee2-691423dfca52","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":24,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"4c1c97cd-aa80-4f10-bbdd-d639bac3932e","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":24,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"1c86c5fc-1400-4170-b61b-59a48642bcdd","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24% of","page_number":24,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"4fa1c237-64e9-48f3-a5ed-c6e2989a59d1","block_type":"box","text":"the average value of its portfolio.","page_number":24,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"78027c94-9f8a-4ee1-8a7e-47a13e14d379","block_type":"box","text":"Principal Investment Strategies","page_number":24,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"4d24e668-ce36-40ae-99a8-1657de1f1933","block_type":"box","text":"The Fund seeks to track the investment results of the STOXX Global Copper and Metals Mining Index (the “Underlying Index”),","page_number":24,"box":{"x":52,"y":682,"width":890,"height":11}},{"id":"e8dffd32-2420-49d1-bd3b-66231d2e6b6f","block_type":"box","text":"which has been developed by STOXX Ltd. (the “Index Provider” or “STOXX”). The Underlying Index is composed of U.S. and","page_number":24,"box":{"x":52,"y":697,"width":860,"height":11}},{"id":"d9e0923f-27fc-47d8-b1b5-6bc0f61cc0c2","block_type":"box","text":"non-U.S. equity securities selected from the STOXX Global Copper Universe Index (the “Parent Index”). The Parent Index is","page_number":24,"box":{"x":53,"y":711,"width":861,"height":11}},{"id":"cb7d143d-ed74-41d6-964d-725874cf8fb9","block_type":"box","text":"composed of large-, mid- and small-capitalization stocks from developed and emerging markets. The Underlying Index","page_number":24,"box":{"x":53,"y":725,"width":841,"height":11}},{"id":"4f741fbb-dba5-496e-908b-63ed984f9c3e","block_type":"box","text":"captures the performance of equity securities of companies involved in copper and metal ore mining.","page_number":24,"box":{"x":53,"y":739,"width":714,"height":11}},{"id":"f48e97e3-d610-4e39-b853-f60d54817459","block_type":"box","text":"To construct the Underlying Index, the Index Provider begins with common equity securities (including depositary receipts)","page_number":24,"box":{"x":52,"y":761,"width":870,"height":11}},{"id":"318084e4-4314-4358-ac80-054a926afd66","block_type":"box","text":"from the Parent Index and selects stocks that have a free-float market capitalization of $100 million or greater and a 3-month","page_number":24,"box":{"x":52,"y":775,"width":888,"height":11}},{"id":"a2691cea-fa18-4bb0-a5f0-85ec10f7981c","block_type":"box","text":"Average Daily Traded Volume (“ADTV”) equal to or exceeding $1 million. The Index Provider selects index constituents from","page_number":24,"box":{"x":52,"y":789,"width":866,"height":11}},{"id":"e02f6655-1733-456d-904a-91c0f49cfe6e","block_type":"box","text":"the remaining companies based on tiered eligibility from Tier 1 to Tier 3. STOXX classifies Tier 1 securities as companies","page_number":24,"box":{"x":52,"y":804,"width":852,"height":11}},{"id":"2f69b6a9-94ac-4fee-b211-07caf2e36613","block_type":"box","text":"categorized as Copper Ore Mining under FactSet’s Revere Business and Industry Classification System (“RBICS”) Focus","page_number":24,"box":{"x":53,"y":818,"width":844,"height":11}},{"id":"675204a9-abc1-4b70-b5f8-78481bc0fd71","block_type":"box","text":"Level 6 Copper Ore Mining. The Index Provider’s methodology does not require a minimum number of Tier 1 securities. If","page_number":24,"box":{"x":53,"y":832,"width":853,"height":11}},{"id":"d24d8810-9398-4f69-80fb-09f04e0274e9","block_type":"box","text":"there are fewer than 50 Tier 1 constituents, the shortfall is filled with Tier 2 constituents. 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STOXX classifies Tier 3 securities as companies that are not in Tier 1 or","page_number":24,"box":{"x":53,"y":917,"width":890,"height":11}},{"id":"32d9bf79-0667-41e5-b0b6-e1860d2fac8a","block_type":"box","text":"S-16","page_number":24,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"bd74499c-fd26-49b0-9618-08f8057c1397","block_type":"box","text":"2 but are in the top 50% in terms of market share from Copper Ore Mining. The Index Provider defines market share by the","page_number":25,"box":{"x":53,"y":46,"width":865,"height":11}},{"id":"693f4fed-f051-465b-8126-02e4f5e9185e","block_type":"box","text":"percentile ranking of all companies in the Parent Index with at least $1 million in revenue from the RBICS Level 6 subindustry","page_number":25,"box":{"x":53,"y":60,"width":886,"height":11}},{"id":"ee2120b6-943e-4e58-8711-de30fc0ae254","block_type":"box","text":"of Copper Ore Mining. Tier 3 securities are always included within the Underlying Index to ensure that companies with high","page_number":25,"box":{"x":53,"y":75,"width":869,"height":11}},{"id":"ac46eb6c-629d-4300-bb7d-b9a191ada450","block_type":"box","text":"dollar revenues from copper ore mining are represented.","page_number":25,"box":{"x":53,"y":89,"width":398,"height":11}},{"id":"1730854e-bd4a-43b9-baef-8b9dd2f17dd5","block_type":"box","text":"The Index Provider applies the following weight limits: a maximum of 20% weighting to Tier 3 securities. The component","page_number":25,"box":{"x":52,"y":111,"width":852,"height":11}},{"id":"a6e84674-192c-48bd-ae10-931101a0e599","block_type":"box","text":"securities in the Underlying Index are weighted by float-adjusted market capitalization with individual securities capped at","page_number":25,"box":{"x":52,"y":125,"width":866,"height":11}},{"id":"8320dc7d-8fb7-484d-a152-f5f63d226c49","block_type":"box","text":"8% and securities with weights greater than 4.5% will not in aggregate exceed 45% of the Underlying Index weight at","page_number":25,"box":{"x":53,"y":139,"width":832,"height":11}},{"id":"989e59c5-9d28-4433-a365-bd735b021fa0","block_type":"box","text":"rebalance. As of March 31, 2026, the Underlying Index had 45 securities and all of the index constituents were represented by","page_number":25,"box":{"x":53,"y":153,"width":888,"height":11}},{"id":"ee6e686c-320e-40d9-aa5a-abd6dcc1a563","block_type":"box","text":"securities of companies in the materials industry or sector. 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The Fund may use derivatives to gain or reduce","page_number":25,"box":{"x":52,"y":333,"width":884,"height":10}},{"id":"1e70fcbd-c885-48a3-81fc-fcdf26118dc4","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":25,"box":{"x":53,"y":347,"width":852,"height":11}},{"id":"7ed7bd46-50a2-4645-bd81-ea8541959f67","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":25,"box":{"x":53,"y":361,"width":867,"height":11}},{"id":"fff612c4-d14d-4e15-a4dd-6d8a8bb82d41","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":25,"box":{"x":52,"y":375,"width":869,"height":11}},{"id":"041ef393-7c4c-42ac-b12b-1f609d510929","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":25,"box":{"x":52,"y":389,"width":863,"height":11}},{"id":"3b4e446a-c4f0-47f8-a4e1-a9bc8c5310a6","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":25,"box":{"x":53,"y":404,"width":826,"height":10}},{"id":"5bcd0afb-a5cf-481e-a45d-610a2965adfe","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":25,"box":{"x":53,"y":418,"width":405,"height":11}},{"id":"4bbcafe6-f5e3-45e4-b7de-6c955f1bddd0","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":25,"box":{"x":53,"y":441,"width":844,"height":11}},{"id":"c9db237c-573b-4e94-b457-6eaa9d34126d","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":25,"box":{"x":53,"y":455,"width":860,"height":11}},{"id":"674996ac-9dc0-4ec5-a972-2043980569a0","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":25,"box":{"x":53,"y":469,"width":831,"height":11}},{"id":"4bf05484-f60b-4e4f-8bea-0c338b075bd8","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":25,"box":{"x":53,"y":483,"width":817,"height":11}},{"id":"3c78890c-55d8-4bba-a6df-340325a9a88f","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":25,"box":{"x":53,"y":498,"width":818,"height":10}},{"id":"8f5b8105-ee30-4153-b731-d08b920b43c8","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":25,"box":{"x":53,"y":512,"width":835,"height":11}},{"id":"991a90e6-ae3f-4f38-8297-c527915c202e","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":25,"box":{"x":52,"y":535,"width":873,"height":11}},{"id":"b3fc8ed9-cd14-459d-847a-bb213777a3b9","block_type":"box","text":"collateral received).","page_number":25,"box":{"x":53,"y":549,"width":136,"height":9}},{"id":"6736f4b3-36a4-4713-bb2e-fe7ac4814185","block_type":"box","text":"The Underlying Index and Parent Index are sponsored by STOXX, which is independent of the Fund and BFA. The Index","page_number":25,"box":{"x":52,"y":572,"width":839,"height":11}},{"id":"0eb85f7a-2a00-47e7-92c5-82ae95f6f419","block_type":"box","text":"Provider determines the composition and relative weightings of the components of the Underlying Index and publishes","page_number":25,"box":{"x":53,"y":587,"width":842,"height":10}},{"id":"250127db-38f5-498c-963c-b202ddefc526","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":25,"box":{"x":53,"y":601,"width":451,"height":11}},{"id":"a2bdcf29-3ede-454c-b450-2f1463b67196","block_type":"box","text":"Industry Concentration Policy.","page_number":25,"box":{"x":53,"y":624,"width":224,"height":11}},{"id":"51831868-9577-4e0b-a112-3fc38c2a491d","block_type":"box","text":"The Fund will concentrate its investments (","page_number":25,"box":{"x":281,"y":624,"width":304,"height":9}},{"id":"5a6681e0-8868-4ec4-8288-563bd1c64ba9","block_type":"box","text":"i.e.","page_number":25,"box":{"x":587,"y":624,"width":17,"height":8}},{"id":"1d39df97-2dce-4acc-8466-86e3ea66cd8f","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":25,"box":{"x":606,"y":624,"width":292,"height":10}},{"id":"b777bc95-e883-43ba-843f-74d1822b8854","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":25,"box":{"x":53,"y":638,"width":858,"height":11}},{"id":"ee07df9c-4e74-443f-b06b-8492b6b84f58","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":25,"box":{"x":53,"y":652,"width":868,"height":11}},{"id":"64db4fd9-88a6-40a4-9ee4-2a893a9c9dd3","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":25,"box":{"x":53,"y":666,"width":826,"height":11}},{"id":"79cc9833-5836-48a0-931b-df094c8a509b","block_type":"box","text":"Summary of Principal Risks","page_number":25,"box":{"x":52,"y":695,"width":248,"height":14}},{"id":"ba440eb1-73ea-4cd9-89ba-9040eb2e8577","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":25,"box":{"x":52,"y":721,"width":881,"height":10}},{"id":"b450284b-efdf-416e-b8fb-4498aaf8eccc","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":25,"box":{"x":53,"y":735,"width":824,"height":11}},{"id":"9fa25112-0252-4d58-a938-4115546e6888","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":25,"box":{"x":53,"y":749,"width":807,"height":11}},{"id":"89ff64ba-322a-45b0-8f05-1ae151bea42c","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":25,"box":{"x":53,"y":763,"width":844,"height":11}},{"id":"5ab920d7-1ede-4ab6-a86c-213461fcd2a6","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":25,"box":{"x":52,"y":777,"width":815,"height":11}},{"id":"9ec9231d-5c63-45fb-9572-92192b7b9c32","block_type":"box","text":"Copper and Metal Ore Mining Companies Risk.","page_number":25,"box":{"x":53,"y":800,"width":343,"height":11}},{"id":"9bb63daa-3bfb-4e8f-94d2-8770fc03e450","block_type":"box","text":"Companies involved in copper and metal ore mining may be adversely","page_number":25,"box":{"x":402,"y":801,"width":494,"height":10}},{"id":"90dc4be5-d708-4e87-b0b6-22b1b7d650fe","block_type":"box","text":"impacted by volatility in commodity prices, changes in exchange rates, trade constraints, social and political unrest, war,","page_number":25,"box":{"x":53,"y":815,"width":849,"height":11}},{"id":"9af6908c-39f0-4ef3-b0a0-ae2d7ab2be7a","block_type":"box","text":"operational and production risks, reserve estimation uncertainty, depletion of resources, decreases in demand,","page_number":25,"box":{"x":53,"y":829,"width":782,"height":11}},{"id":"40f7dee4-fa1b-40b4-8b9f-4b33ec23bc19","block_type":"box","text":"over-production, litigation and regulatory requirements, among other factors. Investments in copper and metal ore mining","page_number":25,"box":{"x":53,"y":843,"width":865,"height":11}},{"id":"8e034826-7ef3-4b7c-9b9e-36bed8b625da","block_type":"box","text":"companies may be speculative and may be subject to greater price volatility than investments in other types of companies.","page_number":25,"box":{"x":53,"y":857,"width":866,"height":11}},{"id":"a170d5f6-7b2a-4e27-80ce-eafcaf1c2278","block_type":"box","text":"Equity Securities Risk.","page_number":25,"box":{"x":53,"y":880,"width":164,"height":11}},{"id":"93a7dce1-658d-4369-b4cf-4d5b9ace1320","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":25,"box":{"x":223,"y":880,"width":709,"height":11}},{"id":"01689dee-9b5d-4c4d-8d5c-50ef5af68b53","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":25,"box":{"x":53,"y":895,"width":889,"height":10}},{"id":"79ea7b6b-ce73-4a2d-b532-c90eaba82958","block_type":"box","text":"S-17","page_number":25,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"71a3b77e-1148-4a7d-8c8d-472e68f9c9e6","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":26,"box":{"x":53,"y":46,"width":880,"height":11}},{"id":"1f75b270-a0cc-4357-99c3-cc40af182b48","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":26,"box":{"x":53,"y":61,"width":867,"height":10}},{"id":"a6844550-de47-4cad-a64d-cb5167fd6b10","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":26,"box":{"x":53,"y":75,"width":339,"height":11}},{"id":"6abe115c-249b-49d8-a786-028df9490140","block_type":"box","text":"Market Risk.","page_number":26,"box":{"x":53,"y":98,"width":91,"height":8}},{"id":"0f0a792b-23bc-4c28-b804-b0cd48e805a6","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":26,"box":{"x":148,"y":98,"width":768,"height":11}},{"id":"386a6bde-2dd4-4020-94bb-6e0c5b9a0d67","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":26,"box":{"x":53,"y":112,"width":882,"height":11}},{"id":"a8d91b71-00c3-45a0-a03a-efe404d544d2","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":26,"box":{"x":53,"y":126,"width":858,"height":11}},{"id":"289a8c51-655d-4142-8c0c-9674f2546b57","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":26,"box":{"x":53,"y":141,"width":875,"height":10}},{"id":"55b772e6-d963-4511-92ee-d7cf253a6439","block_type":"box","text":"Fund’s NAV.","page_number":26,"box":{"x":53,"y":155,"width":82,"height":8}},{"id":"a3aadefb-6db6-456a-a9c3-adb2aeaa7775","block_type":"box","text":"Index-Related Risk.","page_number":26,"box":{"x":53,"y":178,"width":143,"height":8}},{"id":"c7e0a05a-0a44-4282-88f1-6649f92b4a20","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":26,"box":{"x":201,"y":178,"width":742,"height":11}},{"id":"0ed5b6e8-ed2d-4939-adfd-75b87926a73a","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":26,"box":{"x":53,"y":192,"width":856,"height":11}},{"id":"bd29f06f-f11a-481a-8ab9-8e6f9fefc480","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":26,"box":{"x":53,"y":206,"width":852,"height":11}},{"id":"317cc7ed-9b7f-4cba-9cee-80f98c32b615","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":26,"box":{"x":53,"y":221,"width":876,"height":10}},{"id":"6c8a6944-a04e-4285-82f8-72594bc2a029","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":26,"box":{"x":52,"y":235,"width":849,"height":10}},{"id":"2b12c666-11db-4067-8463-8ead96723b87","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":26,"box":{"x":53,"y":249,"width":849,"height":11}},{"id":"a84c95d7-d606-42b2-ad09-05e378e58c60","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":26,"box":{"x":53,"y":263,"width":890,"height":11}},{"id":"cd4f3716-9d6f-47ac-bafd-00758919954f","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":26,"box":{"x":53,"y":277,"width":853,"height":11}},{"id":"5498677d-7e42-4bc2-9a28-3b0b8bc02938","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":26,"box":{"x":53,"y":291,"width":539,"height":11}},{"id":"f8a35c9a-38e2-43bd-a74c-7428fe585f49","block_type":"box","text":"Asset Class Risk.","page_number":26,"box":{"x":52,"y":314,"width":122,"height":9}},{"id":"7f45a8b9-c35d-477e-892b-b6403765bed1","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":26,"box":{"x":179,"y":314,"width":721,"height":11}},{"id":"ae0d7995-be57-4d85-840d-6f62177c012e","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":26,"box":{"x":53,"y":329,"width":774,"height":11}},{"id":"d73c5cb1-21d4-4727-bf3c-93e0580619bf","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":26,"box":{"x":52,"y":352,"width":318,"height":10}},{"id":"4a9ff918-4646-40bf-ac33-87a823130c75","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":26,"box":{"x":374,"y":352,"width":531,"height":11}},{"id":"cea9cf7d-b4bc-46e8-92ee-068a9a71cba1","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":26,"box":{"x":53,"y":366,"width":810,"height":11}},{"id":"196166e9-c441-4b60-a5a9-7888e7e9d1f0","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":26,"box":{"x":52,"y":380,"width":816,"height":11}},{"id":"9296754f-ab0b-4296-9f8f-cb410582906c","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":26,"box":{"x":52,"y":395,"width":884,"height":10}},{"id":"276f54b6-4d0e-4414-bbea-0904676372f6","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":26,"box":{"x":53,"y":409,"width":871,"height":10}},{"id":"83224a5d-9962-440a-a8db-830b195a7399","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":26,"box":{"x":53,"y":423,"width":846,"height":11}},{"id":"f3bc4179-c580-4061-bbad-8972794a8bee","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":26,"box":{"x":52,"y":437,"width":881,"height":11}},{"id":"f9ebb085-261e-40e2-b01e-c1d7c1a50dd0","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":26,"box":{"x":53,"y":451,"width":853,"height":11}},{"id":"23c97b8d-6fc0-4604-b023-8d052ea48db9","block_type":"box","text":"halts or delisting.","page_number":26,"box":{"x":53,"y":466,"width":121,"height":10}},{"id":"e4b0a65f-7abc-4c12-9d07-af3be517b6fe","block_type":"box","text":"Commodity Risk.","page_number":26,"box":{"x":53,"y":489,"width":124,"height":10}},{"id":"bfb770a4-f612-4549-b328-c42a4e5c6e03","block_type":"box","text":"The Fund invests in companies that are susceptible to fluctuations in certain commodity markets and to","page_number":26,"box":{"x":181,"y":489,"width":737,"height":10}},{"id":"47f29d84-ed1d-476b-a2e1-a0698874616b","block_type":"box","text":"price changes due to trade relations. Any negative changes in commodity markets that may be due to changes in supply and","page_number":26,"box":{"x":53,"y":503,"width":878,"height":11}},{"id":"35d1debe-f5cb-47ea-9afa-b001a8aac78a","block_type":"box","text":"demand for commodities, market events, war, regulatory developments, other catastrophic events, or other factors that the","page_number":26,"box":{"x":53,"y":517,"width":865,"height":11}},{"id":"4b18aca7-a577-4520-ac63-fd0f6b1f49e3","block_type":"box","text":"Fund cannot control could have an adverse impact on those companies.","page_number":26,"box":{"x":53,"y":531,"width":509,"height":11}},{"id":"d931313c-8b78-463f-9d1c-16233fb65a5e","block_type":"box","text":"Concentration Risk.","page_number":26,"box":{"x":53,"y":554,"width":145,"height":9}},{"id":"bcd9141a-2b81-4754-9fb5-53c8b8741e5f","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":26,"box":{"x":202,"y":554,"width":711,"height":11}},{"id":"29813c56-12f4-4f6c-bf1f-b30afdedab70","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":26,"box":{"x":53,"y":568,"width":884,"height":10}},{"id":"7d2f5e4b-3415-41de-a123-6cb75f7c602f","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":26,"box":{"x":52,"y":583,"width":887,"height":11}},{"id":"6d8d7ac4-a4b1-4966-b203-857b8224f1c0","block_type":"box","text":"asset classes.","page_number":26,"box":{"x":53,"y":597,"width":95,"height":8}},{"id":"ea3932ac-d90b-4c99-81aa-84b4e4e9a4a2","block_type":"box","text":"Currency Risk.","page_number":26,"box":{"x":53,"y":620,"width":106,"height":11}},{"id":"85762bbc-7d44-41e7-ad2a-9893246602db","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":26,"box":{"x":164,"y":620,"width":751,"height":11}},{"id":"cd1c4b71-e155-4383-b5a1-8b907153d67f","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":26,"box":{"x":53,"y":634,"width":842,"height":11}},{"id":"10eaad98-a452-4140-bc7a-349ba5304af6","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":26,"box":{"x":52,"y":648,"width":854,"height":11}},{"id":"d964ba11-e731-4c3e-91ab-e3af079ccc1c","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":26,"box":{"x":53,"y":663,"width":869,"height":10}},{"id":"35d0c021-b8eb-420f-9ac2-1e0bbded259e","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":26,"box":{"x":53,"y":677,"width":309,"height":11}},{"id":"da23c6e7-7a3a-46ef-9247-62318a400fa5","block_type":"box","text":"Issuer Risk.","page_number":26,"box":{"x":53,"y":700,"width":83,"height":8}},{"id":"3befcd4e-0f58-409b-9d2c-508796b66acd","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":26,"box":{"x":140,"y":700,"width":780,"height":10}},{"id":"e4a66e52-f52e-4ad8-911f-c2ff953103b9","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":26,"box":{"x":53,"y":714,"width":886,"height":11}},{"id":"77fd50ae-2af8-43a7-ba54-ea703a7355b6","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":26,"box":{"x":52,"y":728,"width":576,"height":11}},{"id":"e6ba71a0-58bd-4715-8c1f-6ac25e342f37","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":26,"box":{"x":53,"y":751,"width":278,"height":11}},{"id":"568b8314-68f9-4ba7-a9c5-2dff0e07e0d4","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":26,"box":{"x":337,"y":752,"width":540,"height":10}},{"id":"4a6b3a1a-f53d-4d58-b883-2a2c41c1d5de","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":26,"box":{"x":53,"y":766,"width":890,"height":11}},{"id":"3cd66c24-52db-4cec-a45b-b553e05c714f","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":26,"box":{"x":53,"y":780,"width":868,"height":11}},{"id":"2a61d895-e80c-4abf-987a-5b041367d83f","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":26,"box":{"x":53,"y":794,"width":709,"height":11}},{"id":"c51666b7-343f-4da8-b2ec-587be6a3a545","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":26,"box":{"x":53,"y":817,"width":395,"height":11}},{"id":"5ddc21cc-5cc4-4f2c-a0c9-3e96205f1648","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":26,"box":{"x":453,"y":817,"width":410,"height":11}},{"id":"247f71f9-9196-44da-a1ec-530fee17e3e0","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":26,"box":{"x":53,"y":831,"width":883,"height":11}},{"id":"d9d4f60d-430b-40c8-8751-320d2d6ab3c5","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":26,"box":{"x":52,"y":846,"width":884,"height":11}},{"id":"bf771cbd-a078-4a43-b46c-9cbfbc64304c","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":26,"box":{"x":53,"y":860,"width":872,"height":11}},{"id":"a67d2b2d-2602-438e-80d6-a69de043f57b","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":26,"box":{"x":53,"y":874,"width":812,"height":11}},{"id":"06df0ed8-762d-4eb3-9f74-fae82e3626d2","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":26,"box":{"x":53,"y":888,"width":890,"height":11}},{"id":"8551f876-15d2-447d-81c1-13a61100d919","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":26,"box":{"x":52,"y":903,"width":891,"height":9}},{"id":"9a859202-f88c-4424-9c37-d1b22a31ae87","block_type":"box","text":"S-18","page_number":26,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"de9aaa38-c0be-43af-bd9b-98869236f9c6","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":27,"box":{"x":53,"y":47,"width":836,"height":10}},{"id":"57fdb995-98a7-4d6d-8cfc-21aa6fcb8ce8","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":27,"box":{"x":53,"y":61,"width":810,"height":10}},{"id":"fc770091-6cab-4d89-b548-e3d47423915e","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":27,"box":{"x":53,"y":75,"width":861,"height":11}},{"id":"81791d23-0bc2-4987-9c56-6b718d259294","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":27,"box":{"x":53,"y":89,"width":875,"height":11}},{"id":"f7eb88b3-7b85-4954-bdd2-ead713ac4278","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":27,"box":{"x":52,"y":103,"width":654,"height":11}},{"id":"0617758b-5310-432b-974d-cf4b8ff40f46","block_type":"box","text":"Management Risk.","page_number":27,"box":{"x":53,"y":126,"width":137,"height":11}},{"id":"1a0c62da-d8f3-442e-9194-cbe8e3b63f42","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":27,"box":{"x":194,"y":126,"width":711,"height":11}},{"id":"a20435fd-c222-4058-aaf3-fa5fab281ec1","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":27,"box":{"x":53,"y":141,"width":877,"height":10}},{"id":"db8d6a41-52c2-4a00-a9f0-10dd41fcbb56","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":27,"box":{"x":53,"y":155,"width":859,"height":11}},{"id":"23083952-f984-4d8a-b4d4-d0300111d90e","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":27,"box":{"x":52,"y":169,"width":848,"height":11}},{"id":"ee21057a-7911-4356-b0b1-c8231afda0c8","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":27,"box":{"x":53,"y":183,"width":756,"height":11}},{"id":"ed1162b9-29aa-4a5c-bec9-88f68f32e60b","block_type":"box","text":"Market Trading Risk.","page_number":27,"box":{"x":53,"y":206,"width":152,"height":11}},{"id":"ed788ae3-15e7-4363-82c9-517e1a55aefa","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":27,"box":{"x":209,"y":206,"width":694,"height":11}},{"id":"fcb082af-bd23-4261-807f-a1761114155b","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":27,"box":{"x":53,"y":220,"width":841,"height":11}},{"id":"ddc871ea-0ba2-4496-a035-c385a198e608","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":27,"box":{"x":53,"y":235,"width":887,"height":10}},{"id":"953719ea-e0ea-4f58-b41a-538d8f1c6e70","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":27,"box":{"x":52,"y":249,"width":839,"height":11}},{"id":"30467736-9b19-4034-b850-256c0b44fc76","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":27,"box":{"x":53,"y":263,"width":866,"height":11}},{"id":"7d17f781-099a-4e08-9923-a417ce3a70e4","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":27,"box":{"x":52,"y":277,"width":885,"height":11}},{"id":"aef40ec0-3b42-4103-9d10-488bb46fb763","block_type":"box","text":"of the Fund shares.","page_number":27,"box":{"x":53,"y":291,"width":134,"height":9}},{"id":"6efaf4b4-56d5-406c-b399-b2a114032836","block_type":"box","text":"Materials Companies Risk.","page_number":27,"box":{"x":53,"y":314,"width":195,"height":11}},{"id":"7c7450d2-e6ce-4ac8-bc3c-f9ee3d4e1ba5","block_type":"box","text":"Materials companies may be adversely affected by volatility in commodity prices, changes in","page_number":27,"box":{"x":253,"y":315,"width":653,"height":10}},{"id":"605597de-7e7e-44d3-b57f-4199274f4ecf","block_type":"box","text":"exchange rates, social and political unrest, war, depletion of resources, lower demand, overproduction, litigation and","page_number":27,"box":{"x":53,"y":329,"width":819,"height":11}},{"id":"b75bf95c-448e-44c5-9891-507910715366","block_type":"box","text":"government regulations, among other factors.","page_number":27,"box":{"x":53,"y":343,"width":325,"height":11}},{"id":"62c63550-8958-41d0-92e9-9df719cab3aa","block_type":"box","text":"National Closed Market Trading Risk.","page_number":27,"box":{"x":53,"y":366,"width":273,"height":11}},{"id":"57b4181e-4329-4730-a166-973d2785ddb7","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":27,"box":{"x":330,"y":366,"width":544,"height":11}},{"id":"6a523e97-5e95-43b1-a9c7-e2c5903901cb","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":27,"box":{"x":53,"y":380,"width":874,"height":11}},{"id":"2786a6fa-7d5d-483b-af01-c6a3e00c7f7c","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":27,"box":{"x":52,"y":394,"width":651,"height":11}},{"id":"032b09df-d0bc-4e35-8095-775983baab12","block_type":"box","text":"i.e","page_number":27,"box":{"x":704,"y":395,"width":15,"height":8}},{"id":"f4d21f4f-8cae-47b1-b825-b3e1e1c37502","block_type":"box","text":"., the quote from the closed","page_number":27,"box":{"x":720,"y":394,"width":191,"height":11}},{"id":"086b958d-9125-4924-85b4-32a506ff2648","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":27,"box":{"x":52,"y":409,"width":880,"height":10}},{"id":"54436069-0d30-4a63-ae91-6f8b3c48659a","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":27,"box":{"x":52,"y":423,"width":849,"height":11}},{"id":"06a309bf-994e-443d-9886-edced395b4fe","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":27,"box":{"x":53,"y":437,"width":850,"height":11}},{"id":"5c90ba67-7e49-4c6a-9044-46a6f734df56","block_type":"box","text":"funds.","page_number":27,"box":{"x":52,"y":451,"width":44,"height":9}},{"id":"79987bcd-98d8-4821-9355-9dffba34dc63","block_type":"box","text":"Non-Diversification Risk.","page_number":27,"box":{"x":53,"y":474,"width":184,"height":9}},{"id":"78ca5a91-6b2c-46d7-a502-756265d37657","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":27,"box":{"x":242,"y":474,"width":633,"height":11}},{"id":"1136e76c-bdd9-4b0e-9eef-640547508fee","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":27,"box":{"x":53,"y":488,"width":802,"height":11}},{"id":"600b4d01-ed75-480e-b5d2-900fbe5b0b22","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":27,"box":{"x":53,"y":503,"width":888,"height":11}},{"id":"42f4fe34-14a9-4ae8-9517-88b6ae6386e6","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":27,"box":{"x":53,"y":517,"width":876,"height":11}},{"id":"664a7620-5225-46c4-859d-22e6ab2672ea","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":27,"box":{"x":53,"y":531,"width":696,"height":11}},{"id":"ad091a92-963c-48ba-a97b-c471ffae1ce6","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":27,"box":{"x":53,"y":554,"width":182,"height":9}},{"id":"c04cbd0e-c085-41d4-aefc-25d5053cb449","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":27,"box":{"x":240,"y":554,"width":687,"height":11}},{"id":"e0e4f66e-5642-4fd5-8259-32d4ba98b449","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":27,"box":{"x":53,"y":569,"width":853,"height":10}},{"id":"928af081-59e0-430d-ba26-c176765c67cd","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":27,"box":{"x":52,"y":583,"width":847,"height":11}},{"id":"ef820b29-fada-4a3e-a8d6-dcbd8afe81a4","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":27,"box":{"x":53,"y":597,"width":889,"height":11}},{"id":"38872ad9-0b99-40ce-b569-0938a40f6d45","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":27,"box":{"x":53,"y":611,"width":842,"height":11}},{"id":"4f857882-5dc6-4278-ad8d-59c5e56e89f6","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":27,"box":{"x":53,"y":625,"width":831,"height":11}},{"id":"fb40427e-596f-48bb-8321-15b49bb10a77","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":27,"box":{"x":53,"y":639,"width":821,"height":11}},{"id":"e7666a12-61e1-4c3e-bebe-810c57993c7e","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":27,"box":{"x":53,"y":654,"width":871,"height":10}},{"id":"7ddac7e6-2d38-494a-b695-141fe7fef37c","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":27,"box":{"x":53,"y":668,"width":289,"height":11}},{"id":"2e5f21e8-1286-442f-89ae-d190fceafc25","block_type":"box","text":"European Economic Risk and North American Economic Risk.","page_number":27,"box":{"x":348,"y":668,"width":452,"height":10}},{"id":"9c3aab23-94b5-4bf7-8f0c-4ef8593d3f18","block_type":"box","text":"Operational and Technology Risks.","page_number":27,"box":{"x":53,"y":691,"width":254,"height":11}},{"id":"336f5a9f-520b-4ff5-a692-ec29eb5e6d31","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":27,"box":{"x":312,"y":691,"width":581,"height":11}},{"id":"c70c0945-e2c0-42ab-bdd2-2bccd21b5ea2","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":27,"box":{"x":53,"y":705,"width":876,"height":11}},{"id":"7c61b5f2-d971-4e42-b8bf-c4fd82fc55f4","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":27,"box":{"x":53,"y":719,"width":879,"height":11}},{"id":"8e531e90-8c5b-49d3-93e7-b5ebbba5aae1","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":27,"box":{"x":53,"y":733,"width":825,"height":11}},{"id":"1b191840-d16a-4f62-8641-057101828ecb","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":27,"box":{"x":53,"y":748,"width":862,"height":11}},{"id":"16922ca9-9163-4052-92db-f45f19317093","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":27,"box":{"x":53,"y":762,"width":872,"height":11}},{"id":"46b29a7b-bd66-45ca-9ac2-6cf543ba7ddc","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":27,"box":{"x":53,"y":776,"width":824,"height":11}},{"id":"ca38dfa4-e003-4865-9cda-cd7858fbc37a","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":27,"box":{"x":53,"y":799,"width":253,"height":11}},{"id":"c5ff95cc-ddb7-4f7e-a3f6-eb21a9d8d487","block_type":"box","text":"The Fund invests in countries or regions whose economies are heavily dependent upon","page_number":27,"box":{"x":310,"y":799,"width":614,"height":11}},{"id":"b6ef21ee-dc2f-4675-ac22-e1b62fb6c45d","block_type":"box","text":"trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its","page_number":27,"box":{"x":52,"y":814,"width":871,"height":10}},{"id":"966ee290-16d3-4336-af77-5fbff9fc719f","block_type":"box","text":"holdings of securities of certain issuers, the Fund is specifically exposed to","page_number":27,"box":{"x":53,"y":828,"width":527,"height":10}},{"id":"bd5eab52-0303-4b35-b06d-36f612bc032b","block_type":"box","text":"Asian Economic Risk","page_number":27,"box":{"x":584,"y":828,"width":154,"height":8}},{"id":"aa6e744f-d910-4d0e-8389-cad11e3490e0","block_type":"box","text":"and","page_number":27,"box":{"x":742,"y":828,"width":26,"height":8}},{"id":"fc918514-0abb-477d-a4c9-60ee1fdde9bb","block_type":"box","text":"North American","page_number":27,"box":{"x":774,"y":828,"width":116,"height":8}},{"id":"a4df92b2-e34d-43e0-a724-f0ccc9d97a95","block_type":"box","text":"Economic Risk","page_number":27,"box":{"x":53,"y":842,"width":108,"height":8}},{"id":"873d509a-bb7d-4759-9be2-9aab6a3b0098","block_type":"box","text":".","page_number":27,"box":{"x":162,"y":849,"width":1,"height":1}},{"id":"f5bb2fa7-b268-4a85-ac70-85591a5ce0a0","block_type":"box","text":"Risk of Investing in Canada.","page_number":27,"box":{"x":53,"y":865,"width":204,"height":11}},{"id":"66b07051-a21b-4d69-b8f5-c3b85409d342","block_type":"box","text":"Investing in Canadian issuers subjects the Fund to legal, regulatory, political, economic,","page_number":27,"box":{"x":262,"y":865,"width":620,"height":11}},{"id":"a04bed82-1ba2-469d-bd28-474d980b6181","block_type":"box","text":"currency, geographic and security risks that are specific to Canada. Canada depends heavily on trading with the U.S., China,","page_number":27,"box":{"x":53,"y":879,"width":873,"height":11}},{"id":"044a705c-ba14-4cb0-aa17-b141ed0216d2","block_type":"box","text":"Mexico, the United Kingdom and Japan. Its economy may be significantly impacted by changes in the economies and trade","page_number":27,"box":{"x":53,"y":893,"width":871,"height":11}},{"id":"6810e0d3-f761-4a55-a245-a4a55571e878","block_type":"box","text":"S-19","page_number":27,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"efd1e8db-24e7-4b34-a940-d6865e7a8b68","block_type":"box","text":"policies of these key trading partners, particularly the U.S. The Canadian economy is also sensitive to fluctuations in certain","page_number":28,"box":{"x":53,"y":46,"width":871,"height":11}},{"id":"a42ba940-3771-4da7-a3f3-884b626c6468","block_type":"box","text":"commodity markets, including the energy sector.","page_number":28,"box":{"x":53,"y":61,"width":344,"height":10}},{"id":"7ff298be-01df-4697-88db-8de4bc91c967","block_type":"box","text":"Risk of Investing in China.","page_number":28,"box":{"x":53,"y":84,"width":191,"height":11}},{"id":"d92d0ef0-09df-4742-b782-95a83910fe94","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":28,"box":{"x":250,"y":84,"width":678,"height":11}},{"id":"9086fc7e-c8d8-4b86-850b-ef8976edfcbd","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":28,"box":{"x":53,"y":98,"width":819,"height":11}},{"id":"5605ee2b-2bd4-4948-a549-6538bbdbc7be","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":28,"box":{"x":53,"y":112,"width":866,"height":11}},{"id":"f42e278b-0471-4ede-a70c-ddf186bf6f6a","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":28,"box":{"x":53,"y":126,"width":866,"height":11}},{"id":"1272c1ce-73fa-4571-9d5c-bbf04f0b4e80","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":28,"box":{"x":52,"y":141,"width":841,"height":10}},{"id":"7c8ac44e-60f4-4a36-93d0-0c1d7b422598","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":28,"box":{"x":53,"y":155,"width":864,"height":11}},{"id":"54aefdaf-f606-418f-8037-37621d03e1f6","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":28,"box":{"x":52,"y":169,"width":861,"height":11}},{"id":"d90d565d-4c51-429e-98b3-d030f4c461d9","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":28,"box":{"x":53,"y":183,"width":869,"height":11}},{"id":"da3af9c8-bca8-4471-9216-4ee5202339c9","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":28,"box":{"x":53,"y":197,"width":783,"height":11}},{"id":"c3b30811-b928-496d-b427-b8883983a07f","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":28,"box":{"x":53,"y":221,"width":887,"height":10}},{"id":"107e8a55-2f7d-4897-8e65-85be66171e37","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":28,"box":{"x":52,"y":235,"width":834,"height":10}},{"id":"8d477505-bdaf-4d47-ae78-3653f9f3aacb","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":28,"box":{"x":52,"y":249,"width":845,"height":11}},{"id":"af14edda-c59e-4aaa-9d89-e7bfe74b4a92","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":28,"box":{"x":53,"y":263,"width":876,"height":11}},{"id":"176b4efa-685c-4c0b-8272-ed689e40849e","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":28,"box":{"x":53,"y":277,"width":834,"height":11}},{"id":"f95e5be0-2fa6-4090-9c28-5087386e19b6","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":28,"box":{"x":53,"y":291,"width":421,"height":11}},{"id":"faa0f928-09ed-4e8b-95ff-963b81e8a2b2","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":28,"box":{"x":52,"y":315,"width":849,"height":10}},{"id":"62699206-c27e-4ae3-8801-95805e67bf68","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":28,"box":{"x":53,"y":329,"width":886,"height":11}},{"id":"f78471f6-fe9e-42bd-8dd2-9500be324ab6","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":28,"box":{"x":53,"y":343,"width":878,"height":11}},{"id":"86f9d288-c3c5-4c9e-9ffa-a9784b9c7a8f","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":28,"box":{"x":53,"y":357,"width":874,"height":11}},{"id":"e3a03045-8299-4a5d-b5b7-50e010977488","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":28,"box":{"x":53,"y":371,"width":878,"height":11}},{"id":"28bab11b-e85e-42f8-9bf2-ebcf2def3fcf","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":28,"box":{"x":53,"y":385,"width":807,"height":11}},{"id":"d24f97f3-7613-408d-903a-4c4db8e2b5eb","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":28,"box":{"x":53,"y":400,"width":890,"height":10}},{"id":"6371cedf-185c-47e7-b502-067278813895","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":28,"box":{"x":52,"y":414,"width":471,"height":11}},{"id":"64676ccd-911b-4ab7-85ac-7beaf94750c9","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":28,"box":{"x":53,"y":437,"width":883,"height":11}},{"id":"ae914486-7cd3-40e5-99d1-b19a3a890148","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":28,"box":{"x":53,"y":451,"width":850,"height":11}},{"id":"646a0848-0e50-4fe3-9088-09fd88e10b5e","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":28,"box":{"x":53,"y":465,"width":861,"height":11}},{"id":"00dec642-de10-4631-8e82-4a282e8ab901","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":28,"box":{"x":53,"y":480,"width":850,"height":10}},{"id":"169b22a8-8ef6-4d63-af30-c5f8497c4b9e","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":28,"box":{"x":53,"y":494,"width":883,"height":11}},{"id":"6bd8d7e4-a83d-4693-832a-2f7cc93370ee","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":28,"box":{"x":52,"y":508,"width":860,"height":11}},{"id":"0afd4dfc-11e4-44f5-b213-24652b5c72fa","block_type":"box","text":"have limited legal remedies.","page_number":28,"box":{"x":53,"y":522,"width":196,"height":11}},{"id":"cfda13e5-1b1b-4f1c-bede-0106cb692757","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":28,"box":{"x":53,"y":545,"width":845,"height":11}},{"id":"350b99d9-5398-4bc2-b9bd-0be36bdfca87","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":28,"box":{"x":52,"y":559,"width":836,"height":11}},{"id":"0aeb51bf-781e-4106-af70-c09bac6fc28d","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":28,"box":{"x":53,"y":574,"width":851,"height":10}},{"id":"7940ea85-0174-4796-976a-3dae0deb4e2f","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":28,"box":{"x":52,"y":588,"width":779,"height":10}},{"id":"56e461b5-188b-4f44-9672-147281756818","block_type":"box","text":"considerations.","page_number":28,"box":{"x":53,"y":602,"width":107,"height":8}},{"id":"52feaedf-8098-40a4-a935-3da89bb2cb8a","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":28,"box":{"x":53,"y":625,"width":302,"height":11}},{"id":"9a3e80f7-2770-4d39-b16f-e12ed3b341a5","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":28,"box":{"x":359,"y":625,"width":581,"height":11}},{"id":"159bcb28-f7e3-458d-9fc9-e1dfd4b132fb","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":28,"box":{"x":53,"y":640,"width":868,"height":10}},{"id":"c5299732-eeda-46a0-a88f-46043396bde0","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":28,"box":{"x":52,"y":654,"width":871,"height":10}},{"id":"e2cce40c-ba42-45f0-a128-ddb8c08f8d11","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":28,"box":{"x":52,"y":668,"width":875,"height":11}},{"id":"28beaf1b-2b5b-412c-8684-0047ea4eb8e5","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":28,"box":{"x":52,"y":682,"width":877,"height":11}},{"id":"ddd1b408-6d0e-4375-8550-d8544aa664e2","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":28,"box":{"x":53,"y":696,"width":887,"height":11}},{"id":"3aaa385c-ed60-4618-a24e-c802059e3fac","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":28,"box":{"x":53,"y":710,"width":836,"height":11}},{"id":"89d47504-ee9f-4735-9f7c-1cf56431f2a5","block_type":"box","text":"availability of certain commodities.","page_number":28,"box":{"x":53,"y":724,"width":246,"height":11}},{"id":"a0f5382c-fb88-4aae-a779-57fe2baf32fd","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":28,"box":{"x":53,"y":748,"width":241,"height":11}},{"id":"c003734a-1b60-48df-9283-860bcfe740d6","block_type":"box","text":"Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency,","page_number":28,"box":{"x":300,"y":748,"width":642,"height":11}},{"id":"3a75d997-1aa4-4ca2-951f-03dcac7141ff","block_type":"box","text":"security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum","page_number":28,"box":{"x":52,"y":762,"width":837,"height":11}},{"id":"bb4704d3-7bf8-4320-8f68-a48727cf95d0","block_type":"box","text":"exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in","page_number":28,"box":{"x":53,"y":776,"width":887,"height":11}},{"id":"7c8f1229-369e-4e26-9f33-7dc5a07699dd","block_type":"box","text":"the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":28,"box":{"x":52,"y":790,"width":876,"height":11}},{"id":"f2735162-f665-497b-9033-ab523363740c","block_type":"box","text":"developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include,","page_number":28,"box":{"x":53,"y":804,"width":861,"height":11}},{"id":"fc449653-cbb5-47d8-ae65-9b3eae244f9e","block_type":"box","text":"among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in","page_number":28,"box":{"x":53,"y":819,"width":795,"height":10}},{"id":"e73f633f-24ed-4108-ad4f-359ce5d25aab","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in","page_number":28,"box":{"x":53,"y":833,"width":816,"height":11}},{"id":"216d57b0-f330-41db-8c1b-0b68a1bd78de","block_type":"box","text":"governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic","page_number":28,"box":{"x":53,"y":847,"width":859,"height":11}},{"id":"11a4af35-da60-4914-9f9f-ce8a6295c073","block_type":"box","text":"unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of","page_number":28,"box":{"x":53,"y":861,"width":887,"height":11}},{"id":"570ae992-d422-485f-83bf-00304940cee3","block_type":"box","text":"political stability in Saudi Arabia.","page_number":28,"box":{"x":53,"y":875,"width":230,"height":11}},{"id":"b455a9e5-2d6e-4742-a644-6b46edbe41a9","block_type":"box","text":"S-20","page_number":28,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"fef585ce-ef84-4c38-8026-fedbcfdf8b64","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian","page_number":29,"box":{"x":52,"y":46,"width":885,"height":11}},{"id":"473c023e-a38c-42a7-b18a-ee6d89ba1549","block_type":"box","text":"government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There","page_number":29,"box":{"x":53,"y":61,"width":865,"height":10}},{"id":"a1f2411e-5a70-41f6-b719-59dbcbb9562e","block_type":"box","text":"are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to","page_number":29,"box":{"x":53,"y":75,"width":881,"height":11}},{"id":"14b45fb1-71a4-4829-acaa-68e699270ff4","block_type":"box","text":"transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited","page_number":29,"box":{"x":52,"y":89,"width":875,"height":11}},{"id":"610e354c-1941-4f0f-9b55-2184a81c2fe9","block_type":"box","text":"number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing","page_number":29,"box":{"x":53,"y":103,"width":881,"height":11}},{"id":"a4059e2f-af40-449c-9dd6-82af80da0e07","block_type":"box","text":"of Fund transactions.","page_number":29,"box":{"x":53,"y":117,"width":150,"height":9}},{"id":"7746a007-d43a-45e9-9dfe-bbd4694e3df2","block_type":"box","text":"Risk of Investing in the U.K.","page_number":29,"box":{"x":53,"y":140,"width":201,"height":11}},{"id":"ff36c040-d66d-4448-b430-2a5c4d778dc7","block_type":"box","text":"Investing in U.K. issuers subjects the Fund to legal, regulatory, political, economic, currency,","page_number":29,"box":{"x":260,"y":141,"width":647,"height":10}},{"id":"9d45c7a7-0cee-4ee2-a4c3-8640e5d2899b","block_type":"box","text":"geographic and security risks that are specific to the U.K. Economic downturns or political instability in its key trading","page_number":29,"box":{"x":53,"y":155,"width":829,"height":11}},{"id":"c3da88f6-b596-459a-aa56-1c2e680f430a","block_type":"box","text":"partners, which include the United States and other European countries, could have an adverse effect on the U.K. economy.","page_number":29,"box":{"x":53,"y":169,"width":869,"height":11}},{"id":"4f5d5560-3217-4a7d-b28a-a27a71f1fe03","block_type":"box","text":"Following Brexit, certain trading matters between the U.K. and the European Union (the “EU”) remain unresolved, including","page_number":29,"box":{"x":53,"y":183,"width":868,"height":11}},{"id":"48040600-2c7c-4308-aa03-7da7f2186c19","block_type":"box","text":"with respect to financial services. The continuing uncertainty could have an adverse impact on the U.K. economy and","page_number":29,"box":{"x":52,"y":197,"width":826,"height":11}},{"id":"650ece8a-cf26-4c40-8bf3-9aff19745358","block_type":"box","text":"currency.","page_number":29,"box":{"x":53,"y":214,"width":63,"height":8}},{"id":"c852c035-425d-431b-9334-ca627b1ebbbc","block_type":"box","text":"Securities Lending Risk.","page_number":29,"box":{"x":52,"y":235,"width":178,"height":11}},{"id":"f7472338-97ba-4539-a11e-d9f4916605eb","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":29,"box":{"x":234,"y":235,"width":692,"height":10}},{"id":"372a80f0-b91b-42a3-8b9f-3883c967e57e","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":29,"box":{"x":53,"y":249,"width":870,"height":11}},{"id":"3e8b3ff6-bd56-4e5c-bf9e-2159424d21a9","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":29,"box":{"x":53,"y":263,"width":886,"height":11}},{"id":"0cb8278b-b792-4188-8704-a222a9ee35db","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":29,"box":{"x":53,"y":277,"width":831,"height":11}},{"id":"36e110ed-00a0-4594-a4e7-c5345576434c","block_type":"box","text":"Tracking Error Risk.","page_number":29,"box":{"x":52,"y":300,"width":145,"height":11}},{"id":"eba11ac5-a68b-4d2c-b815-06c32d71036c","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":29,"box":{"x":201,"y":300,"width":741,"height":11}},{"id":"403ee780-cda0-443b-bc9a-063fb4d778e4","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":29,"box":{"x":53,"y":315,"width":861,"height":10}},{"id":"c4b876dd-a741-42a6-ba94-38eeca2fbc25","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":29,"box":{"x":53,"y":329,"width":832,"height":11}},{"id":"62f13dd9-10cf-47c5-8a26-0b859d370940","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":29,"box":{"x":53,"y":343,"width":880,"height":11}},{"id":"244c8811-6f0c-4b6a-8313-e6d6ff59496c","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":29,"box":{"x":53,"y":357,"width":831,"height":11}},{"id":"54519b31-f61f-4b31-b3e8-84e2781a8ae4","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":29,"box":{"x":52,"y":371,"width":828,"height":11}},{"id":"0512ec5e-7bd2-4fea-9286-ce6069f2cb99","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":29,"box":{"x":53,"y":385,"width":873,"height":11}},{"id":"a285ecd3-c75e-4e20-b193-5710efc7b83f","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":29,"box":{"x":53,"y":400,"width":889,"height":10}},{"id":"130fc412-d379-4f49-9b17-33c012bf46d5","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":29,"box":{"x":53,"y":414,"width":852,"height":11}},{"id":"5016dc40-d62c-4420-aa0f-850ec1dd5397","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":29,"box":{"x":53,"y":428,"width":886,"height":11}},{"id":"57b3989f-406c-4648-b1ff-639b4461f56a","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":29,"box":{"x":53,"y":442,"width":873,"height":11}},{"id":"aa50abff-4ba0-4246-9623-57b74a1dac5c","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":29,"box":{"x":53,"y":456,"width":879,"height":11}},{"id":"f1c49089-1ab4-49f6-92b6-0c1fa421bf7d","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":29,"box":{"x":53,"y":471,"width":839,"height":10}},{"id":"56722ed3-2568-4b46-8ae1-90994e50cdee","block_type":"box","text":"Valuation Risk.","page_number":29,"box":{"x":52,"y":494,"width":110,"height":8}},{"id":"c84be7f6-8fa1-4be7-834b-b595416cfdd3","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":29,"box":{"x":166,"y":494,"width":740,"height":11}},{"id":"9021adf5-547d-4157-b346-4783f561e44e","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":29,"box":{"x":53,"y":508,"width":840,"height":11}},{"id":"d7318600-6051-4d6a-8418-7faa3395f133","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":29,"box":{"x":52,"y":522,"width":869,"height":11}},{"id":"55c91cbb-5e92-4cc9-b698-20c3c47b6e40","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":29,"box":{"x":52,"y":536,"width":889,"height":11}},{"id":"6ca1f506-34ee-4492-a2fd-51fac1607927","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":29,"box":{"x":53,"y":551,"width":871,"height":10}},{"id":"8078fa64-c2f1-4f29-9319-aa0f1d705716","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":29,"box":{"x":52,"y":565,"width":879,"height":10}},{"id":"deb19724-fe6a-4f1f-aef6-54b8cb055a3b","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":29,"box":{"x":53,"y":579,"width":880,"height":11}},{"id":"6ef5a9ac-789a-4419-ad76-3c6ae68816df","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":29,"box":{"x":53,"y":593,"width":816,"height":11}},{"id":"3312044c-82b5-480f-9a9b-c2e4c7dbb3c4","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":29,"box":{"x":52,"y":607,"width":613,"height":11}},{"id":"596cbcd0-4f4c-463b-a1eb-cd0a7aa57b2c","block_type":"box","text":"Performance Information","page_number":29,"box":{"x":54,"y":636,"width":228,"height":11}},{"id":"71c828e4-6697-4b2f-ba2f-c0be7d5a0075","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":29,"box":{"x":52,"y":661,"width":864,"height":11}},{"id":"af663d0d-eeb0-424a-a048-708b33e72348","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":29,"box":{"x":52,"y":676,"width":872,"height":10}},{"id":"2a994f2c-c809-4380-90a2-5582f8a9e10d","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":29,"box":{"x":53,"y":690,"width":868,"height":11}},{"id":"51a6dc52-3f3c-4e05-8de5-c04b8f240529","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":29,"box":{"x":53,"y":704,"width":838,"height":11}},{"id":"f73890a1-d820-4e8f-b155-a7a1ebe73d2a","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":29,"box":{"x":53,"y":718,"width":868,"height":11}},{"id":"8b079456-b4f9-45c5-bebf-6b89e7f995c0","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":29,"box":{"x":53,"y":732,"width":832,"height":11}},{"id":"cd15c64c-e69f-43ca-8f7d-628e80a0ab9f","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":29,"box":{"x":53,"y":746,"width":842,"height":11}},{"id":"75f8ed08-408f-4cb9-918a-72ea19ee3232","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":29,"box":{"x":52,"y":761,"width":531,"height":10}},{"id":"6e80a2c5-1793-4154-9a3f-d1a82006e764","block_type":"box","text":"S-21","page_number":29,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"5d554315-b4cf-4e20-9fb7-3f3cecf65c6f","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":30,"box":{"x":135,"y":46,"width":260,"height":11}},{"id":"d733b9b8-e727-420e-ad15-9abd2afa1611","block_type":"box","text":"1.29","page_number":30,"box":{"x":164,"y":182,"width":19,"height":6}},{"id":"08ab5ff2-4fa4-4208-a57c-5900681f74df","block_type":"box","text":"77.87","page_number":30,"box":{"x":345,"y":91,"width":26,"height":6}},{"id":"c1ec0ef7-a5f4-4bdb-8bff-dfd4a2206015","block_type":"box","text":"2024 2025","page_number":30,"box":{"x":161,"y":201,"width":208,"height":6}},{"id":"2788dd42-6206-4388-9ef0-4d84bbb86961","block_type":"box","text":"Return (%) Period Ended","page_number":30,"box":{"x":731,"y":61,"width":190,"height":9}},{"id":"c264f0b4-4eac-4e8e-8d2c-e8fa0ea66339","block_type":"box","text":"Calendar Year-to-Date Return","page_number":30,"box":{"x":520,"y":80,"width":197,"height":7}},{"id":"b0293e9b-3ec8-4820-a762-172885af6cbf","block_type":"box","text":"11.97% June 30, 2026","page_number":30,"box":{"x":745,"y":80,"width":197,"height":8}},{"id":"258016dd-bb8e-4bc9-a955-dd06a56a80f4","block_type":"box","text":"During the periods shown in the chart:","page_number":30,"box":{"x":520,"y":92,"width":250,"height":10}},{"id":"b270eefb-23cd-47ad-9296-43eadc3d8ea3","block_type":"box","text":"Best Quarter 26.00% September 30, 2025","page_number":30,"box":{"x":534,"y":105,"width":408,"height":10}},{"id":"ebcf1215-fcdf-4d39-b05f-74fdca3d0577","block_type":"box","text":"Worst Quarter -19.02% December 31, 2024","page_number":30,"box":{"x":533,"y":118,"width":409,"height":9}},{"id":"bc7c6004-2132-4f1e-8a89-58486a0dd5b2","block_type":"box","text":"Average Annual Total Returns (%)","page_number":30,"box":{"x":372,"y":231,"width":251,"height":11}},{"id":"281ee6c3-68fa-4f7d-9aaa-3244ab65d2a5","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":30,"box":{"x":340,"y":245,"width":315,"height":10}},{"id":"d8c928d1-6553-47f5-9cb9-5f05ee05f25c","block_type":"box","text":"One Year","page_number":30,"box":{"x":767,"y":272,"width":58,"height":7}},{"id":"a07bd704-22b1-4552-8a14-d21e724a3e62","block_type":"box","text":"Since Fund","page_number":30,"box":{"x":866,"y":261,"width":72,"height":8}},{"id":"528b3f41-b10d-4676-ab26-7f1847ebe65e","block_type":"box","text":"Inception","page_number":30,"box":{"x":872,"y":272,"width":61,"height":9}},{"id":"484f36f2-b17a-44f1-9465-e8f31d3e25bb","block_type":"box","text":"Fund Inception: 6/21/2023","page_number":30,"box":{"x":58,"y":287,"width":179,"height":9}},{"id":"29f2290b-577e-4eb8-9862-562088365949","block_type":"box","text":"Return Before Taxes","page_number":30,"box":{"x":58,"y":299,"width":125,"height":7}},{"id":"156b93e6-f191-47c3-a551-ddc4678e2265","block_type":"box","text":"77.87% 28.44%","page_number":30,"box":{"x":778,"y":299,"width":156,"height":7}},{"id":"96d5c2f6-7f5f-4f2b-8d0d-8d67808d086e","block_type":"box","text":"Return After Taxes on Distributions","page_number":30,"box":{"x":58,"y":310,"width":219,"height":8}},{"id":"904ce9d6-3ad4-459c-9707-e66df039be85","block_type":"box","text":"76.54% 27.51%","page_number":30,"box":{"x":778,"y":310,"width":156,"height":8}},{"id":"a25810a5-9ded-4b3b-b745-8924ca43aea9","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 46.34% 22.17%","page_number":30,"box":{"x":58,"y":322,"width":876,"height":7}},{"id":"8b01c75b-f3fe-4fe0-add8-04e13f71471f","block_type":"box","text":"STOXX Emerging Markets All Cap Index (Net)","page_number":30,"box":{"x":57,"y":333,"width":298,"height":10}},{"id":"2188e8fa-9cf3-40b1-81c6-840d7b32fc33","block_type":"box","text":"1","page_number":30,"box":{"x":356,"y":332,"width":5,"height":5}},{"id":"19fb8a88-c0c7-4aa8-a091-c959b0c33d58","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":30,"box":{"x":366,"y":333,"width":347,"height":10}},{"id":"bc9383d9-9dba-4009-9e29-362d364c098c","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends) 29.77% 16.14%","page_number":30,"box":{"x":71,"y":346,"width":863,"height":10}},{"id":"97b9ed7c-032e-4a05-b9e0-5803fb6a1dfc","block_type":"box","text":"STOXX Global Copper and Metals Mining Index (Net)","page_number":30,"box":{"x":57,"y":358,"width":347,"height":10}},{"id":"1b77e673-b46e-4c43-b720-a3796fb4a601","block_type":"box","text":"1","page_number":30,"box":{"x":405,"y":357,"width":5,"height":4}},{"id":"9f1672d1-d39d-4984-8f72-71f7ab45273e","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":30,"box":{"x":414,"y":358,"width":331,"height":9}},{"id":"4761b410-88bf-4c92-a6e3-4471ec475f5e","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 78.54% 29.23%","page_number":30,"box":{"x":71,"y":371,"width":863,"height":10}},{"id":"e10d3a66-1a21-456b-9ea6-84af5d2fa0ef","block_type":"box","text":"1","page_number":30,"box":{"x":80,"y":390,"width":5,"height":4}},{"id":"a9b6a3b3-dae1-4e29-a7e2-4913f47d5377","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":30,"box":{"x":94,"y":391,"width":827,"height":10}},{"id":"30c86bc5-734a-42ed-9570-dd6c04a2cbec","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":30,"box":{"x":93,"y":401,"width":847,"height":10}},{"id":"3ecc0225-8333-410e-bf51-d62973ccd1c9","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":30,"box":{"x":93,"y":412,"width":843,"height":9}},{"id":"59ec041f-85bf-4bce-befa-61b520eced9e","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":30,"box":{"x":92,"y":422,"width":829,"height":9}},{"id":"7e7db9c7-e6c8-4bb3-ac8f-a88c10415b6d","block_type":"box","text":"tax rates, if any.","page_number":30,"box":{"x":92,"y":432,"width":97,"height":10}},{"id":"8cb1b050-0303-4029-9915-c45743f4e1f0","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":30,"box":{"x":52,"y":452,"width":857,"height":11}},{"id":"75532fae-0012-4a16-8b62-fb83648d99d2","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":30,"box":{"x":53,"y":466,"width":865,"height":11}},{"id":"e70b5e20-f1f0-4e50-a5c6-33b8d96c22cd","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":30,"box":{"x":53,"y":480,"width":847,"height":11}},{"id":"26557869-84df-49c3-9032-60ddd8a80980","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":30,"box":{"x":52,"y":494,"width":857,"height":11}},{"id":"e84646af-5425-4803-9237-e4638acbad05","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":30,"box":{"x":53,"y":509,"width":877,"height":10}},{"id":"ba9e5562-2b02-4783-a695-083502041d21","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":30,"box":{"x":52,"y":523,"width":836,"height":11}},{"id":"87be0105-c104-45b2-9496-95fdd693d6f6","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":30,"box":{"x":53,"y":537,"width":886,"height":11}},{"id":"45234cd4-e879-4c95-8811-22a7710404aa","block_type":"box","text":"on distributions.","page_number":30,"box":{"x":53,"y":551,"width":114,"height":9}},{"id":"83f3bf67-81d0-461f-bc67-b4ca6e2216c0","block_type":"box","text":"Management","page_number":30,"box":{"x":54,"y":580,"width":119,"height":14}},{"id":"c2495913-0258-4c16-8645-2f3125db7e62","block_type":"box","text":"Investment Adviser.","page_number":30,"box":{"x":53,"y":605,"width":145,"height":9}},{"id":"1ab3a748-edf8-4454-9a02-49ba62a997b7","block_type":"box","text":"BlackRock Fund Advisors.","page_number":30,"box":{"x":204,"y":605,"width":180,"height":9}},{"id":"fc080b90-1335-486a-bb2e-a1392e5d4395","block_type":"box","text":"Portfolio Managers.","page_number":30,"box":{"x":53,"y":628,"width":146,"height":11}},{"id":"acea7509-6f38-476f-b788-e9dc71f70351","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":30,"box":{"x":203,"y":628,"width":679,"height":11}},{"id":"7e859d0f-3fd9-4d12-9bb4-883763027f2f","block_type":"box","text":"management of the Fund:","page_number":30,"box":{"x":53,"y":643,"width":182,"height":10}},{"id":"7b1bd084-4523-4796-a70a-af18d4d63cca","block_type":"box","text":"Portfolio Manager","page_number":30,"box":{"x":58,"y":678,"width":119,"height":10}},{"id":"31ee715e-7eb4-4f15-8816-c96755769177","block_type":"box","text":"Portfolio Manager of the","page_number":30,"box":{"x":411,"y":665,"width":160,"height":10}},{"id":"d26848b2-77a7-4975-8d17-efb0417cd19a","block_type":"box","text":"Fund Since","page_number":30,"box":{"x":455,"y":678,"width":72,"height":8}},{"id":"303d5a36-549d-4a1f-8dfd-b099b62319e7","block_type":"box","text":"Title with Investment","page_number":30,"box":{"x":804,"y":665,"width":140,"height":8}},{"id":"c3fed92d-0a78-482c-908b-097292567c01","block_type":"box","text":"Adviser","page_number":30,"box":{"x":849,"y":678,"width":49,"height":8}},{"id":"fe2c50b3-c8c5-4481-bee7-d4cd1199f3af","block_type":"box","text":"Jennifer Hsui 2023 Managing Director","page_number":30,"box":{"x":57,"y":694,"width":876,"height":9}},{"id":"6c7f1458-a265-4108-98c4-7b3e5e3a8947","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":30,"box":{"x":58,"y":709,"width":875,"height":10}},{"id":"dd3184fe-16ec-4a2f-9a07-d9c524c3f063","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":30,"box":{"x":58,"y":725,"width":875,"height":9}},{"id":"62598652-0693-4863-a19e-be8053873b38","block_type":"box","text":"Steven White 2025 Managing Director","page_number":30,"box":{"x":57,"y":740,"width":876,"height":10}},{"id":"aff4c87f-ac09-40d2-b1f6-d32387048478","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":30,"box":{"x":54,"y":775,"width":304,"height":11}},{"id":"5bcba27d-06be-4529-b324-315d95d7879e","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":30,"box":{"x":52,"y":800,"width":878,"height":11}},{"id":"4e73117c-fc45-407e-bf09-38c1a6af7839","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":30,"box":{"x":53,"y":815,"width":855,"height":11}},{"id":"f83c361a-5288-4620-abdb-6f2afbb46d4b","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":30,"box":{"x":52,"y":829,"width":817,"height":11}},{"id":"e8aaff03-6f52-4b4b-9383-bcc91a7b66c8","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":30,"box":{"x":53,"y":843,"width":878,"height":11}},{"id":"f2288c3a-0897-4e8e-a3d3-4ad7fd761b63","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":30,"box":{"x":53,"y":857,"width":861,"height":11}},{"id":"52d2d3a3-8569-415c-bb3a-56c41d2f8e03","block_type":"box","text":"(the “bid-ask spread”).","page_number":30,"box":{"x":53,"y":871,"width":156,"height":11}},{"id":"a8db29fb-5296-46c2-b9d5-6af083ff9d70","block_type":"box","text":"S-22","page_number":30,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"6c596788-e86d-4925-9755-5c424fb7bb5f","block_type":"box","text":"Tax Information","page_number":31,"box":{"x":52,"y":46,"width":144,"height":10}},{"id":"40fab0b5-719b-4d4b-bf60-4ae245687fb6","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":31,"box":{"x":52,"y":71,"width":831,"height":11}},{"id":"74702d63-5494-433b-9207-6e129a877203","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":31,"box":{"x":53,"y":85,"width":883,"height":11}},{"id":"6ee530c4-08bf-496e-b923-5c68251f356f","block_type":"box","text":"be taxed when withdrawn.","page_number":31,"box":{"x":53,"y":99,"width":182,"height":9}},{"id":"d0e3195f-7990-49ea-acfc-fb94f1b43fed","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":31,"box":{"x":54,"y":128,"width":575,"height":14}},{"id":"86ee95f3-4f1f-4288-8122-823b0a0a28ad","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":31,"box":{"x":53,"y":153,"width":855,"height":11}},{"id":"fc038afa-5f0d-4664-932f-df810198f1cc","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":31,"box":{"x":53,"y":168,"width":843,"height":10}},{"id":"78a25c78-c245-4190-9ec4-ea9cdf67c677","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":31,"box":{"x":53,"y":182,"width":820,"height":11}},{"id":"b4307ed9-af5d-49c4-8d33-f483755f3db7","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":31,"box":{"x":53,"y":196,"width":801,"height":11}},{"id":"220ad511-63d4-43d9-8b9b-264faffd5df7","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":31,"box":{"x":53,"y":210,"width":841,"height":11}},{"id":"d3cbfe8f-67b8-445e-865d-497c1e5fe6fe","block_type":"box","text":"financial intermediary’s website for more information.","page_number":31,"box":{"x":52,"y":224,"width":380,"height":11}},{"id":"26c7a047-0a28-463b-a928-329218a18104","block_type":"box","text":"S-23","page_number":31,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"987e3b36-9bf3-488d-8056-9fd02b7dc086","block_type":"box","text":"iShares Emerging Markets Infrastructure ETF","page_number":32,"box":{"x":53,"y":46,"width":636,"height":21}},{"id":"eb15c207-3731-487e-b5da-9de73aa9c408","block_type":"box","text":"EMIF | Nasdaq","page_number":32,"box":{"x":54,"y":70,"width":201,"height":21}},{"id":"f82dea2d-d899-43a7-8317-115734faabde","block_type":"box","text":"Investment Objective","page_number":32,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"c75356d7-3b7c-4896-a13c-38ca49eb45d6","block_type":"box","text":"The iShares Emerging Markets Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":32,"box":{"x":52,"y":134,"width":884,"height":11}},{"id":"42c358cf-7b7d-4cf4-9e8d-83a3c49a7076","block_type":"box","text":"30 of the largest equities in the emerging markets infrastructure industry.","page_number":32,"box":{"x":53,"y":148,"width":520,"height":11}},{"id":"732b8cf5-fd27-4d51-a1d8-b89170ca1b1e","block_type":"box","text":"Fees and Expenses","page_number":32,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"a012b228-361a-447e-b6ba-e2f315f12ecb","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":32,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"5ec42670-d490-4a42-819a-90e726d59369","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":32,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"37a1861f-041c-49b9-ab4b-0c05b72ffce0","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":32,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"7f78fe7f-74ac-4427-957f-184c3465d98e","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":32,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"4230d036-79b9-4256-b2a0-11c58ae77d4c","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":32,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"c375ab40-b914-49d0-99e0-cf548e6fcdae","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":32,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"034b0a44-3533-4eb8-98fd-7afe3dc4e292","block_type":"box","text":"extraordinary expenses.","page_number":32,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"740280bf-ba0f-4c04-bae4-1af1bede3cc2","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share","page_number":32,"box":{"x":52,"y":309,"width":879,"height":11}},{"id":"19fc1924-1765-4a6b-9c98-47db2dcd7443","block_type":"box","text":"of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of","page_number":32,"box":{"x":53,"y":324,"width":888,"height":10}},{"id":"be435dac-263e-430d-b101-302d46dba120","block_type":"box","text":"Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to","page_number":32,"box":{"x":52,"y":338,"width":878,"height":10}},{"id":"aa523598-3c13-46ec-97be-25032566aa6d","block_type":"box","text":"average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).","page_number":32,"box":{"x":53,"y":352,"width":865,"height":11}},{"id":"8db6a847-17e1-40f3-90d6-fb0c14648434","block_type":"box","text":"BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount","page_number":32,"box":{"x":53,"y":366,"width":864,"height":11}},{"id":"24777bb1-044d-4a1a-8414-0010ab8ee01b","block_type":"box","text":"equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other series of the Trust and","page_number":32,"box":{"x":53,"y":380,"width":882,"height":11}},{"id":"2da1455d-5103-46e1-9f9d-5092064f3184","block_type":"box","text":"iShares, Inc. through July 31, 2027. The contractual waiver may be terminated prior to July 31, 2027 only upon written","page_number":32,"box":{"x":53,"y":395,"width":833,"height":10}},{"id":"48047d45-83c2-465c-951b-2c795bd26a06","block_type":"box","text":"agreement of the Trust and BFA.","page_number":32,"box":{"x":53,"y":409,"width":227,"height":10}},{"id":"3d1e924f-3fcc-4d7e-a6d8-e13494a3078b","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":32,"box":{"x":52,"y":432,"width":830,"height":11}},{"id":"bf47af87-942c-4a28-921e-4bcef8dd004a","block_type":"box","text":"reflected in the table and example below.","page_number":32,"box":{"x":53,"y":446,"width":300,"height":11}},{"id":"324b0f95-7c9d-448d-ad68-7951403cc656","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":32,"box":{"x":57,"y":469,"width":761,"height":10}},{"id":"cded5f57-497e-42f4-abbf-a5df05583e5d","block_type":"box","text":"1","page_number":32,"box":{"x":819,"y":468,"width":5,"height":4}},{"id":"4d46a76e-5acc-468f-a7cb-2e7a26550d33","block_type":"box","text":"Management Fee","page_number":32,"box":{"x":58,"y":489,"width":109,"height":9}},{"id":"8147bdef-3546-495a-92c3-916acdac1b03","block_type":"box","text":"0.60%","page_number":32,"box":{"x":892,"y":489,"width":41,"height":7}},{"id":"26e4780d-e057-4fa8-9ea9-c7ff7b298944","block_type":"box","text":"Other Expenses","page_number":32,"box":{"x":58,"y":504,"width":98,"height":10}},{"id":"710d57c7-74d8-4666-974e-20b72bbd70ce","block_type":"box","text":"0.00%","page_number":32,"box":{"x":892,"y":504,"width":41,"height":8}},{"id":"89646e28-5969-4e67-8bfe-2c02eba8353f","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":32,"box":{"x":57,"y":520,"width":216,"height":9}},{"id":"bf05418b-5db1-4b13-b847-baedd3b1d4b5","block_type":"box","text":"0.00%","page_number":32,"box":{"x":892,"y":520,"width":41,"height":7}},{"id":"3b6af0ff-9d47-4259-968a-b9c8e7e399b7","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":32,"box":{"x":57,"y":535,"width":246,"height":10}},{"id":"5914f661-c119-4c6f-a24a-a4124beeac86","block_type":"box","text":"0.60%","page_number":32,"box":{"x":892,"y":535,"width":41,"height":8}},{"id":"7836379a-73cf-4486-8b8d-acc114667d4c","block_type":"box","text":"Fee Waiver and/or Expense Reimbursement","page_number":32,"box":{"x":58,"y":551,"width":276,"height":9}},{"id":"4305c047-816f-49cd-b8ef-a6cafa0716a1","block_type":"box","text":"(0.00)%","page_number":32,"box":{"x":888,"y":551,"width":50,"height":8}},{"id":"1ee5dfb5-3da4-46c9-8c1c-7832499507ff","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.60%","page_number":32,"box":{"x":57,"y":566,"width":876,"height":10}},{"id":"9d4e701e-e021-4fbf-854f-6bb67c77421d","block_type":"box","text":"1","page_number":32,"box":{"x":80,"y":594,"width":5,"height":4}},{"id":"d3413f43-38b4-4555-b3fe-e29dcc481f09","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":32,"box":{"x":93,"y":595,"width":788,"height":10}},{"id":"0914f92c-69f1-4ee6-8007-c9b12646b1fd","block_type":"box","text":"Example.","page_number":32,"box":{"x":53,"y":615,"width":67,"height":10}},{"id":"a5e133d4-38d1-4c12-8a1c-84c634e0b059","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":32,"box":{"x":124,"y":615,"width":795,"height":11}},{"id":"60dcf36b-50a6-4846-bb15-5cdc89aa214b","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":32,"box":{"x":53,"y":629,"width":885,"height":11}},{"id":"84b40af8-7c1d-4a0b-b7d9-57282d5b9f6f","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":32,"box":{"x":52,"y":643,"width":871,"height":11}},{"id":"4b2ed0fe-257f-40ae-9e4d-4456b5e29f1d","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":32,"box":{"x":53,"y":657,"width":887,"height":11}},{"id":"7e6dd5b1-0e23-4fc9-b69c-9f43415bb12d","block_type":"box","text":"your costs would be:","page_number":32,"box":{"x":52,"y":672,"width":143,"height":10}},{"id":"6bf9f34f-f233-493f-b60a-c289c0adc495","block_type":"box","text":"Expense Example","page_number":32,"box":{"x":58,"y":695,"width":115,"height":9}},{"id":"3ad35a75-31b4-4890-874c-db277966458e","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":32,"box":{"x":663,"y":695,"width":280,"height":7}},{"id":"cc831560-cad0-4c89-8a22-0ad0eb6ec65c","block_type":"box","text":"Example Fund Costs","page_number":32,"box":{"x":58,"y":710,"width":128,"height":9}},{"id":"fbbe8cd4-5b82-4aa0-b21c-f4238662c8ad","block_type":"box","text":"$61 $192 $335 $750","page_number":32,"box":{"x":671,"y":709,"width":261,"height":9}},{"id":"bc93d6e4-b269-473b-97dc-938a77361a8b","block_type":"box","text":"Portfolio Turnover.","page_number":32,"box":{"x":53,"y":739,"width":137,"height":9}},{"id":"5e5b894d-eda8-4320-906c-068e4de2e5fd","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":32,"box":{"x":194,"y":739,"width":722,"height":11}},{"id":"7a4dca88-6175-4bf1-8b7a-5cf8e73c9755","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":32,"box":{"x":53,"y":753,"width":883,"height":11}},{"id":"1b9a9d02-d1e9-4da0-91fd-06a20774c14b","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":32,"box":{"x":53,"y":768,"width":876,"height":11}},{"id":"a4baef8f-1d9b-4e56-983d-3a825379798b","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of","page_number":32,"box":{"x":52,"y":782,"width":886,"height":11}},{"id":"e5f803ad-8341-4f6a-a891-b277da1a69ee","block_type":"box","text":"the average value of its portfolio.","page_number":32,"box":{"x":52,"y":796,"width":231,"height":11}},{"id":"fccaaca8-ed48-4426-8cb9-49bb7bf8920a","block_type":"box","text":"Principal Investment Strategies","page_number":32,"box":{"x":54,"y":825,"width":284,"height":13}},{"id":"18a6480e-cc0b-4f23-8868-ec96d2d4eb14","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Emerging Markets Plus Infrastructure Index","page_number":32,"box":{"x":52,"y":850,"width":725,"height":11}},{"id":"e868135d-8538-4603-b626-7f08c8def83c","block_type":"box","text":"TM","page_number":32,"box":{"x":777,"y":849,"width":17,"height":5}},{"id":"628271ef-ef8a-4ee9-ac0c-c28fe8283ee1","block_type":"box","text":"(the “Underlying","page_number":32,"box":{"x":799,"y":850,"width":115,"height":11}},{"id":"3ddae2e8-4370-4142-9f02-f5303291f6a2","block_type":"box","text":"Index”), which is designed to track the performance of 30 of the largest publicly listed companies in the infrastructure","page_number":32,"box":{"x":53,"y":864,"width":831,"height":11}},{"id":"6b94340e-7fc3-42b4-8681-0f287e5a87b8","block_type":"box","text":"industry in emerging markets, as determined by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying","page_number":32,"box":{"x":53,"y":878,"width":887,"height":11}},{"id":"0ef7e48f-4b81-4696-a588-032a49d70782","block_type":"box","text":"Index includes three distinct infrastructure sub-sectors: energy, transportation and utilities. As of March 31, 2026, the","page_number":32,"box":{"x":53,"y":893,"width":833,"height":11}},{"id":"7111de7d-59e9-4018-a266-36d48426a66f","block_type":"box","text":"Underlying Index was composed of securities of companies in the following countries or regions: Brazil, China, Mexico, Qatar,","page_number":32,"box":{"x":53,"y":907,"width":883,"height":11}},{"id":"a58e5b39-6f71-4664-8957-e8aefef4c808","block_type":"box","text":"S-24","page_number":32,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"ca9dbfeb-6524-453e-96cb-3dd8d8d0a9e2","block_type":"box","text":"South Korea, Thailand and the United Arab Emirates. Companies domiciled in an emerging or developed market country are","page_number":33,"box":{"x":52,"y":46,"width":876,"height":11}},{"id":"936357ae-6e28-402a-b36e-eae42feed91b","block_type":"box","text":"eligible for inclusion as long as the majority of the company's revenues are derived from emerging market operations. Based","page_number":33,"box":{"x":53,"y":61,"width":877,"height":10}},{"id":"a33b7c4a-8210-4262-be78-7e5fc01a0f75","block_type":"box","text":"on the methodology, constituents must have a minimum total market capitalization as of the rebalancing reference date of","page_number":33,"box":{"x":53,"y":75,"width":868,"height":11}},{"id":"dc25a087-c200-462d-8f5e-18516db7e411","block_type":"box","text":"$250 million and a minimum float adjusted market capitalization as of the rebalancing reference date of $200 million.","page_number":33,"box":{"x":53,"y":88,"width":834,"height":12}},{"id":"72a38dd2-6964-4545-a441-77efa9664dee","block_type":"box","text":"Constituents must also have a 3-month average daily value traded of greater than $1 million. The Underlying Index may","page_number":33,"box":{"x":53,"y":103,"width":847,"height":11}},{"id":"6898a1a0-2288-4fea-b1f6-10becff4939a","block_type":"box","text":"include large-, mid- or small-capitalization companies. As of March 31, 2026, a significant portion of the Underlying Index","page_number":33,"box":{"x":53,"y":117,"width":865,"height":11}},{"id":"e954b2a5-8f1c-4473-afcb-5f9dc4ae947e","block_type":"box","text":"was represented by securities of companies in the energy, industrials and utilities industries or sectors. The components of","page_number":33,"box":{"x":52,"y":131,"width":869,"height":11}},{"id":"9f7848de-b145-4e6e-80b1-7c4b844b8c1c","block_type":"box","text":"the Underlying Index are likely to change over time.","page_number":33,"box":{"x":52,"y":146,"width":361,"height":11}},{"id":"ce1eee67-6c33-4b85-850e-116cd14d7149","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":33,"box":{"x":52,"y":169,"width":853,"height":11}},{"id":"8b483fa9-6822-406a-ad09-78d20f38a3d2","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":33,"box":{"x":53,"y":183,"width":839,"height":11}},{"id":"6a066f66-9f1d-493d-8408-7c0ec1066036","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":33,"box":{"x":53,"y":197,"width":868,"height":11}},{"id":"c14919af-281a-4771-874e-a5e76efa3b50","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":33,"box":{"x":53,"y":211,"width":851,"height":11}},{"id":"ddecc466-c063-4362-8ff8-5a38a32b23da","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":33,"box":{"x":53,"y":226,"width":806,"height":10}},{"id":"e599f3f9-b6c8-4d92-9d93-867793a3ae8c","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":33,"box":{"x":53,"y":240,"width":884,"height":11}},{"id":"1580a26a-cb61-4f43-b75e-d4ba4a0bd60c","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":33,"box":{"x":52,"y":254,"width":884,"height":11}},{"id":"b7182211-23a4-4bce-8bb2-054e6f7a5e3a","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":33,"box":{"x":53,"y":268,"width":852,"height":11}},{"id":"081f2b2e-4e5e-4bc7-9333-787a689905e1","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":33,"box":{"x":53,"y":282,"width":867,"height":11}},{"id":"57326fa4-721e-45a6-9265-679e34079255","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":33,"box":{"x":52,"y":297,"width":869,"height":10}},{"id":"61635433-f57b-4f8f-a7a1-6422c79ba07f","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":33,"box":{"x":52,"y":311,"width":863,"height":11}},{"id":"648a82a4-5502-48db-951b-a87301454c27","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":33,"box":{"x":53,"y":325,"width":826,"height":11}},{"id":"fa08faa3-97a4-444b-986f-5c228d373d8b","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":33,"box":{"x":53,"y":339,"width":405,"height":11}},{"id":"7cb4720a-12da-4198-beb8-a287d9c197fd","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":33,"box":{"x":53,"y":362,"width":844,"height":11}},{"id":"24cb7715-1f26-45a9-a0d2-f20831120336","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":33,"box":{"x":53,"y":376,"width":860,"height":11}},{"id":"0bf0495b-cae3-4e86-bf4a-1b4508143879","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":33,"box":{"x":53,"y":391,"width":831,"height":10}},{"id":"bb66b0c6-db5f-4a1a-9606-361d72144710","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":33,"box":{"x":53,"y":405,"width":817,"height":11}},{"id":"714d7595-7ccf-4f0a-bb4f-3c592ae7615c","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":33,"box":{"x":53,"y":419,"width":818,"height":11}},{"id":"6efbf74d-d604-4e22-9ae1-e1005b56e7d3","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":33,"box":{"x":53,"y":433,"width":835,"height":11}},{"id":"514005dd-ac22-4409-8034-a684412223a0","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":33,"box":{"x":52,"y":456,"width":873,"height":11}},{"id":"f3b146a5-91c5-4886-9100-7a951a199845","block_type":"box","text":"collateral received).","page_number":33,"box":{"x":53,"y":470,"width":136,"height":10}},{"id":"fcfe26d3-b943-483c-869a-ce8f9fe57a0e","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":33,"box":{"x":52,"y":494,"width":861,"height":11}},{"id":"ba96b1d3-9bf8-49e5-a68b-d48a713b5e6a","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":33,"box":{"x":53,"y":508,"width":856,"height":11}},{"id":"39bda285-b96f-4925-8280-4efa7dfe24f9","block_type":"box","text":"market value of the Underlying Index.","page_number":33,"box":{"x":53,"y":522,"width":263,"height":11}},{"id":"3f4a4974-f99d-4f67-b862-c6cb093a6c5c","block_type":"box","text":"Industry Concentration Policy.","page_number":33,"box":{"x":53,"y":545,"width":224,"height":11}},{"id":"2becd802-df95-44dc-99bf-03a1253c4e49","block_type":"box","text":"The Fund will concentrate its investments (","page_number":33,"box":{"x":281,"y":545,"width":304,"height":10}},{"id":"929bb56e-9a47-463a-943a-6b8ee4b518b2","block_type":"box","text":"i.e.","page_number":33,"box":{"x":587,"y":546,"width":17,"height":8}},{"id":"a93d1307-8017-4e58-9fcd-105e72487296","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":33,"box":{"x":606,"y":545,"width":292,"height":10}},{"id":"0f33d41f-40b4-4eb7-8999-4930d0da6820","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":33,"box":{"x":53,"y":559,"width":858,"height":11}},{"id":"67dfc11b-6f4e-4cf8-997a-d7e4dae9e1bb","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":33,"box":{"x":53,"y":574,"width":868,"height":10}},{"id":"c1e6f2b5-0619-472c-9e35-b4d1814286f3","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. Because","page_number":33,"box":{"x":53,"y":588,"width":890,"height":11}},{"id":"ebf1f937-f5d7-4d57-9081-c312acc49849","block_type":"box","text":"all of the securities included in the Underlying Index are issued by utility, energy and transportation infrastructure companies,","page_number":33,"box":{"x":53,"y":602,"width":889,"height":11}},{"id":"15af4d9f-8f24-4110-b253-db4e4980a2e3","block_type":"box","text":"the Fund will be concentrated in the infrastructure industry.","page_number":33,"box":{"x":52,"y":616,"width":422,"height":11}},{"id":"17eb1f04-0cd8-4dd5-b840-6703cd24ea60","block_type":"box","text":"Summary of Principal Risks","page_number":33,"box":{"x":52,"y":645,"width":248,"height":14}},{"id":"3e947c9e-68fc-4a38-84d7-b7d111e31049","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":33,"box":{"x":52,"y":670,"width":881,"height":11}},{"id":"d368044b-127a-4a8c-b25c-b28d04c6b753","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":33,"box":{"x":53,"y":685,"width":824,"height":10}},{"id":"f0524c86-0812-4554-a3b3-17c656400682","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":33,"box":{"x":53,"y":699,"width":807,"height":11}},{"id":"32525324-362e-485a-a604-fdcebed937e7","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":33,"box":{"x":53,"y":713,"width":844,"height":11}},{"id":"59c9b5c7-ab96-4255-a46a-c497926ede2f","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":33,"box":{"x":52,"y":727,"width":815,"height":11}},{"id":"a5d9e00b-7e81-439d-95dc-9246e58acf93","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":33,"box":{"x":53,"y":750,"width":285,"height":11}},{"id":"4e0ef880-8880-4894-89e7-e51f14cb93b3","block_type":"box","text":"Investments in emerging markets may be subject to a greater risk of loss than","page_number":33,"box":{"x":344,"y":750,"width":547,"height":11}},{"id":"317e24c2-2cc9-47cb-85e5-2d22c21dea4d","block_type":"box","text":"investments in more developed markets. The risks of emerging markets may include, among others, greater market volatility;","page_number":33,"box":{"x":53,"y":764,"width":880,"height":11}},{"id":"54843bfc-ed20-45ad-9725-8ec948e1675f","block_type":"box","text":"political, legal, economic, and social instability; less developed securities markets, including settlement, custody and","page_number":33,"box":{"x":53,"y":779,"width":822,"height":10}},{"id":"957e2d16-046a-473e-bc83-fb2a236f6867","block_type":"box","text":"valuation processes; government expropriation or nationalization of assets; greater volatility in currency exchange rates; more","page_number":33,"box":{"x":52,"y":793,"width":891,"height":11}},{"id":"0ac89d94-65ec-49a5-8da9-4696073cde63","block_type":"box","text":"capital controls; less governmental supervision and regulation; and less stringent accounting, auditing and disclosure","page_number":33,"box":{"x":53,"y":807,"width":834,"height":11}},{"id":"f01bccab-0817-44d3-a5b1-3b88d0c351da","block_type":"box","text":"requirements. There may be significant obstacles to obtaining information necessary for investigations into or litigation","page_number":33,"box":{"x":53,"y":821,"width":845,"height":11}},{"id":"d6e8d63b-6acf-4cdb-b338-09670dc806a9","block_type":"box","text":"against companies, and shareholders may have limited legal remedies. The Fund does not select investments based on","page_number":33,"box":{"x":53,"y":836,"width":841,"height":10}},{"id":"748dbf11-fe3d-493e-9f9e-773b13144a40","block_type":"box","text":"investor protection considerations. Emerging market securities may face liquidity challenges, and the Fund may be unable to","page_number":33,"box":{"x":53,"y":850,"width":884,"height":10}},{"id":"21cfe289-5747-4a8d-9f5b-8d64370a80f1","block_type":"box","text":"liquidate its positions in such securities at a favorable time or price.","page_number":33,"box":{"x":53,"y":864,"width":475,"height":10}},{"id":"b5ea00a9-f43e-4d95-9f76-943774ddf5b8","block_type":"box","text":"Infrastructure Companies Risk.","page_number":33,"box":{"x":53,"y":887,"width":229,"height":10}},{"id":"e18b8332-250d-4947-bb13-56d2080e02ab","block_type":"box","text":"Companies involved in infrastructure or infrastructure-related industries may be adversely","page_number":33,"box":{"x":287,"y":887,"width":641,"height":11}},{"id":"b7cb2d39-481c-43d1-a608-2f992cd36782","block_type":"box","text":"affected by supply chain and distribution disruptions, business interruptions, third-party vendor risks, shifts in public and","page_number":33,"box":{"x":53,"y":901,"width":859,"height":11}},{"id":"36bd1341-549e-476f-ad05-9ea09fc0d557","block_type":"box","text":"S-25","page_number":33,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"18445007-809b-4b40-8725-7843e6c901fe","block_type":"box","text":"private capital spending levels, regulations, cyber or other attacks, volatility in commodity prices and currencies, trade","page_number":34,"box":{"x":53,"y":47,"width":833,"height":10}},{"id":"c940b66a-06b8-4156-b8c5-34dc938b055c","block_type":"box","text":"disputes, scarcity of materials or parts, excess capacity, and liability claims, among other things. The performance of such","page_number":34,"box":{"x":53,"y":61,"width":860,"height":10}},{"id":"1d86d5e1-44cc-4125-b5ec-820545a75fa7","block_type":"box","text":"companies also may be affected by technological developments, extreme weather or other catastrophic events, labor","page_number":34,"box":{"x":53,"y":75,"width":824,"height":11}},{"id":"4125cd69-ed73-4c49-8f0c-57ee1eaeb91b","block_type":"box","text":"relations, government spending policies, and changes in domestic and international economies.","page_number":34,"box":{"x":53,"y":89,"width":680,"height":11}},{"id":"abf7ef22-4d8f-4664-a714-5c09dc44c758","block_type":"box","text":"Equity Securities Risk.","page_number":34,"box":{"x":53,"y":112,"width":164,"height":11}},{"id":"5b1335d7-9ea4-4772-ab51-964199e9375d","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":34,"box":{"x":223,"y":112,"width":709,"height":11}},{"id":"d94b76f1-496f-4165-b41e-9c1215e82819","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":34,"box":{"x":53,"y":126,"width":889,"height":11}},{"id":"d74adf90-7855-4da9-bf82-38190bd63754","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":34,"box":{"x":53,"y":140,"width":880,"height":11}},{"id":"bfdbcc24-add2-4634-a26c-9947ae151c1b","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":34,"box":{"x":53,"y":155,"width":867,"height":11}},{"id":"d8b3e6b5-e508-429e-958c-fab6e772f018","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":34,"box":{"x":53,"y":169,"width":339,"height":11}},{"id":"dc7977a1-7e0c-4559-b878-a0e557b0f5f9","block_type":"box","text":"Market Risk.","page_number":34,"box":{"x":53,"y":192,"width":91,"height":9}},{"id":"107c1612-a08a-4066-8494-2ca96aa1f20f","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":34,"box":{"x":148,"y":192,"width":768,"height":11}},{"id":"841904a8-560c-462a-8279-f50cf781ac37","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":34,"box":{"x":53,"y":206,"width":882,"height":11}},{"id":"27547a84-e7bf-42bc-8180-8b5590be777a","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":34,"box":{"x":53,"y":220,"width":858,"height":11}},{"id":"fc867b73-9f3b-4ceb-83e0-4a7c7affd615","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":34,"box":{"x":53,"y":235,"width":875,"height":10}},{"id":"cf027d07-656d-44bf-a0a9-3014f04c7fb6","block_type":"box","text":"Fund’s NAV.","page_number":34,"box":{"x":53,"y":249,"width":82,"height":8}},{"id":"8752496e-d6f8-44fa-9283-fc87b929ab98","block_type":"box","text":"Index-Related Risk.","page_number":34,"box":{"x":53,"y":272,"width":143,"height":8}},{"id":"8f4a0c3e-a2dc-442f-af4f-bff81c0ba022","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":34,"box":{"x":201,"y":272,"width":742,"height":11}},{"id":"665b1087-d9ea-497f-9ee1-f8f6ec72c7be","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":34,"box":{"x":53,"y":286,"width":856,"height":11}},{"id":"daa37939-9cb2-4abf-a4bf-59887a9dfff8","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":34,"box":{"x":53,"y":300,"width":852,"height":11}},{"id":"f566cd6e-196b-4fcb-b6bb-1a9ce89f64fb","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":34,"box":{"x":53,"y":315,"width":876,"height":10}},{"id":"d3a01483-4b60-4430-9aa4-bb34c1c5e025","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":34,"box":{"x":52,"y":329,"width":849,"height":11}},{"id":"13169d32-c12d-47e8-8b02-fe3ca539340d","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":34,"box":{"x":53,"y":343,"width":849,"height":11}},{"id":"96014449-9d14-44bf-b9eb-8932fbb3a900","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":34,"box":{"x":53,"y":357,"width":890,"height":11}},{"id":"170f06ef-8b68-412b-867f-97dafef71aaa","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":34,"box":{"x":53,"y":371,"width":853,"height":11}},{"id":"a2ae30c1-8b2c-4cf8-9355-3242b33059a0","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":34,"box":{"x":53,"y":385,"width":539,"height":11}},{"id":"387c5e04-ee81-431a-8e5f-31133ea99152","block_type":"box","text":"Asset Class Risk.","page_number":34,"box":{"x":52,"y":409,"width":122,"height":8}},{"id":"0c8c0b61-da5a-4f9b-b2eb-3e3d008687fb","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":34,"box":{"x":179,"y":409,"width":721,"height":10}},{"id":"a4eed2e4-9c64-4916-b128-fe58de710132","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":34,"box":{"x":53,"y":423,"width":774,"height":11}},{"id":"cc14361f-822f-4815-b2df-2137d3175eb4","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":34,"box":{"x":52,"y":446,"width":318,"height":11}},{"id":"0161e1a8-366a-4220-bc90-762a815f507b","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":34,"box":{"x":374,"y":446,"width":531,"height":11}},{"id":"f04e4c19-709a-4aee-b731-4e9073ebd634","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":34,"box":{"x":53,"y":460,"width":810,"height":11}},{"id":"53332841-0b77-4e81-b769-92a7dfde7439","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":34,"box":{"x":52,"y":474,"width":816,"height":11}},{"id":"40f5c0f1-8a12-45f9-866a-b447ad2b79a0","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":34,"box":{"x":52,"y":489,"width":884,"height":10}},{"id":"0fcc0497-769d-434f-9d3a-b21554c152fe","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":34,"box":{"x":53,"y":503,"width":871,"height":11}},{"id":"03e29a06-f9ed-4490-af0b-90565ecb2511","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":34,"box":{"x":53,"y":517,"width":846,"height":11}},{"id":"463dc729-b8cd-4c6c-9dd9-a3a3b2bb3e73","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":34,"box":{"x":52,"y":531,"width":881,"height":11}},{"id":"afa46521-2219-4f03-99e5-33b49fab6b1c","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":34,"box":{"x":53,"y":545,"width":853,"height":11}},{"id":"0484969b-cccd-44c0-b183-441cbdaa8bdd","block_type":"box","text":"halts or delisting.","page_number":34,"box":{"x":53,"y":560,"width":121,"height":10}},{"id":"94fb68d6-8431-43a4-bd0d-29aaf0093b6e","block_type":"box","text":"Concentration Risk.","page_number":34,"box":{"x":53,"y":583,"width":145,"height":8}},{"id":"fed5b317-e1be-4eef-adcd-8a5c8b8ae9f9","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":34,"box":{"x":202,"y":583,"width":711,"height":11}},{"id":"a83462fd-4390-4bba-8378-04471bce39dd","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":34,"box":{"x":53,"y":597,"width":884,"height":10}},{"id":"2b151582-f8c8-4c33-85ae-426cd116c593","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":34,"box":{"x":52,"y":611,"width":887,"height":11}},{"id":"aa3189e1-84ca-40aa-97c1-329cb26f1293","block_type":"box","text":"asset classes.","page_number":34,"box":{"x":53,"y":625,"width":95,"height":9}},{"id":"0c0d0849-41cc-4155-b7ab-cb3780c644b6","block_type":"box","text":"Currency Risk.","page_number":34,"box":{"x":53,"y":648,"width":106,"height":11}},{"id":"cd8cf3a3-e46b-479a-94e9-13af394e4a94","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":34,"box":{"x":164,"y":648,"width":751,"height":11}},{"id":"33c2ab65-79b8-46fe-b0a9-778190c04608","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":34,"box":{"x":53,"y":663,"width":842,"height":10}},{"id":"fc193ca2-60a5-418e-bc62-9b2488f89002","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":34,"box":{"x":52,"y":677,"width":854,"height":11}},{"id":"0d30ee19-134f-4480-990b-c3beef0f4f69","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":34,"box":{"x":53,"y":691,"width":869,"height":11}},{"id":"c5bdfada-3339-4afe-9742-561ed66184b5","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":34,"box":{"x":53,"y":705,"width":309,"height":11}},{"id":"12b1f472-b45f-4c9a-9c9a-95f52f4ba397","block_type":"box","text":"Custody Risk.","page_number":34,"box":{"x":53,"y":728,"width":99,"height":11}},{"id":"df121ba3-417e-4676-b5ec-391b39c93791","block_type":"box","text":"Less developed securities markets are more likely to experience problems with the clearing and settlement of","page_number":34,"box":{"x":158,"y":728,"width":769,"height":11}},{"id":"ab515b7d-2d07-42d7-8988-d60da903c8e1","block_type":"box","text":"trades, as well as the custody of securities and other assets by local banks, agents and depositories. These issues may have an","page_number":34,"box":{"x":52,"y":743,"width":890,"height":10}},{"id":"3ed75f31-0297-4495-9ae0-2fc697f0b84c","block_type":"box","text":"adverse impact on the Fund, including losses or delays in payments, delivery or recovery of money or other assets.","page_number":34,"box":{"x":53,"y":757,"width":804,"height":11}},{"id":"75a6329e-7568-40e0-9cff-94042542631a","block_type":"box","text":"Energy Companies Risk.","page_number":34,"box":{"x":53,"y":780,"width":177,"height":11}},{"id":"bb326929-efe4-4930-9f42-24d9be20d2bb","block_type":"box","text":"Companies in the energy sector may be adversely affected by volatility in energy and commodity","page_number":34,"box":{"x":236,"y":780,"width":681,"height":11}},{"id":"e4c5d848-0f0b-4d26-8216-6c9bbf8d47f5","block_type":"box","text":"prices, lower demand, overproduction, depletion of resources, social and political unrest, war, trade disputes, government","page_number":34,"box":{"x":53,"y":794,"width":856,"height":11}},{"id":"ed0bdbf6-9e8f-432f-b9b3-3fe0c4193e51","block_type":"box","text":"regulations and energy transition efforts, among other factors. The energy sector is cyclical and can be significantly impacted","page_number":34,"box":{"x":53,"y":808,"width":887,"height":11}},{"id":"ecbb7404-250d-44f8-bff8-593e96eab064","block_type":"box","text":"by changes in economic conditions. Some energy companies, such as those in the oil and gas sector, face substantial costs","page_number":34,"box":{"x":53,"y":822,"width":870,"height":11}},{"id":"6bd7e7ef-dbd6-44f7-8412-658faa4b4c7d","block_type":"box","text":"related to exploration and production and significant operational risks. Energy companies are at risk of environmental","page_number":34,"box":{"x":53,"y":837,"width":833,"height":10}},{"id":"4baa6583-7a57-4af4-9853-fd6bc831860b","block_type":"box","text":"damage claims and other litigation.","page_number":34,"box":{"x":53,"y":851,"width":250,"height":11}},{"id":"318240cd-763a-499b-9538-b36b658f1c61","block_type":"box","text":"Industrial Companies Risk.","page_number":34,"box":{"x":53,"y":874,"width":197,"height":11}},{"id":"9deddf35-b648-4bd6-bdbb-2503db5f34a9","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":34,"box":{"x":255,"y":874,"width":685,"height":11}},{"id":"29e34486-880e-4af6-914d-987932e97e38","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":34,"box":{"x":53,"y":888,"width":881,"height":11}},{"id":"244e95ab-de04-40f9-8135-31c55c690b91","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":34,"box":{"x":53,"y":902,"width":867,"height":11}},{"id":"afa6257a-24a3-4e95-a0ce-95d3dfd88983","block_type":"box","text":"S-26","page_number":34,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"954ac778-e6be-4560-8bb6-c581c94442d7","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":35,"box":{"x":53,"y":46,"width":860,"height":11}},{"id":"a2e92004-fcdb-4adf-b896-37e42e070d5a","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":35,"box":{"x":53,"y":61,"width":862,"height":10}},{"id":"6317fce9-1d3b-423a-a682-83872f65553d","block_type":"box","text":"Issuer Risk.","page_number":35,"box":{"x":53,"y":84,"width":83,"height":8}},{"id":"fb4c5805-9ccd-43a3-9e19-18a644411358","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":35,"box":{"x":140,"y":84,"width":780,"height":10}},{"id":"6bfcbafd-f6f0-486b-bfcb-73be2036a468","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":35,"box":{"x":53,"y":98,"width":886,"height":11}},{"id":"eccd22c5-b3f5-4283-89bf-1a5c7018f05a","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":35,"box":{"x":52,"y":112,"width":576,"height":11}},{"id":"e0d1a77b-4717-4833-80a6-64850473e90c","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":35,"box":{"x":53,"y":135,"width":395,"height":11}},{"id":"73682464-2011-4722-b057-297390a8f69f","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":35,"box":{"x":453,"y":135,"width":410,"height":11}},{"id":"caead17a-ffe7-4308-b3cb-574b68b5cf0c","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":35,"box":{"x":53,"y":149,"width":883,"height":11}},{"id":"d4aef0b5-6a7f-4a9d-bcc3-5321ae17d2ea","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":35,"box":{"x":52,"y":164,"width":884,"height":11}},{"id":"8d514e64-d01b-473b-b82e-8ffc69615984","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":35,"box":{"x":53,"y":178,"width":872,"height":11}},{"id":"b8d86f24-1a0f-4461-8746-e25809577692","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":35,"box":{"x":53,"y":192,"width":812,"height":11}},{"id":"de8e0b4c-2d3f-44f2-87d7-6a5324284648","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":35,"box":{"x":53,"y":206,"width":890,"height":11}},{"id":"a36fbc98-4193-463c-bbb8-92de39481f4d","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":35,"box":{"x":52,"y":221,"width":891,"height":9}},{"id":"a649d195-b699-4e48-9636-6f54b3ac720d","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":35,"box":{"x":53,"y":235,"width":836,"height":10}},{"id":"1b21af37-0ae5-448d-aa22-200bb426ee24","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":35,"box":{"x":53,"y":249,"width":810,"height":11}},{"id":"b76120f8-72bc-4f35-bdef-ebee11f936f0","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":35,"box":{"x":53,"y":263,"width":861,"height":11}},{"id":"5a61b446-958d-44fe-b217-4f0b09a6e53a","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":35,"box":{"x":53,"y":277,"width":875,"height":11}},{"id":"feb6b8c5-f5e9-42e0-9648-5c25259e55a3","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":35,"box":{"x":52,"y":291,"width":654,"height":11}},{"id":"efb57719-a9d4-4fdf-adc1-0888a5c07bed","block_type":"box","text":"Management Risk.","page_number":35,"box":{"x":53,"y":314,"width":137,"height":11}},{"id":"ad03f1ae-2a39-4d84-ac69-40e82deaa11d","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":35,"box":{"x":194,"y":314,"width":711,"height":11}},{"id":"b012e02c-6d0c-44d0-b3bd-88ad21bb47ee","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":35,"box":{"x":53,"y":329,"width":877,"height":11}},{"id":"f3b38851-9823-40ec-a4c5-e728e25a3749","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":35,"box":{"x":53,"y":343,"width":859,"height":11}},{"id":"657cb562-c34b-4ba6-9d39-c799f892ec5d","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":35,"box":{"x":52,"y":357,"width":848,"height":11}},{"id":"fe482672-9fd9-4be9-a8ea-d98d1d31a0ba","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":35,"box":{"x":53,"y":371,"width":756,"height":11}},{"id":"09b982a1-3fd4-401f-a14b-200bd116d57f","block_type":"box","text":"Market Trading Risk.","page_number":35,"box":{"x":53,"y":394,"width":152,"height":11}},{"id":"e1145226-5cac-4ad2-ae28-8fe5d2efa9c1","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":35,"box":{"x":209,"y":394,"width":694,"height":11}},{"id":"ba92c318-ca38-436d-9865-8cb827951dda","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":35,"box":{"x":53,"y":409,"width":841,"height":10}},{"id":"8636693a-871a-47da-9c5f-d553d7641d8e","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":35,"box":{"x":53,"y":423,"width":887,"height":11}},{"id":"07a5880a-3ebb-4529-8d61-fbbd8fc295af","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":35,"box":{"x":52,"y":437,"width":839,"height":11}},{"id":"fe8e1e8b-e7dc-4ec0-8ad4-db29566d8cbc","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":35,"box":{"x":53,"y":451,"width":866,"height":11}},{"id":"a9ccc52a-5eee-412e-b19f-ce28fd036be1","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":35,"box":{"x":52,"y":465,"width":885,"height":11}},{"id":"7fe828af-0b0c-4a70-8a8e-f86c69150708","block_type":"box","text":"of the Fund shares.","page_number":35,"box":{"x":53,"y":480,"width":134,"height":8}},{"id":"38d33b07-cc58-4dc9-b787-157659ccbc97","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":35,"box":{"x":53,"y":503,"width":264,"height":10}},{"id":"f8d69504-0b9f-4b25-ba31-1e568ac2a69b","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":35,"box":{"x":323,"y":503,"width":590,"height":11}},{"id":"2e569604-0de9-40e6-940b-c92521dfff25","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":35,"box":{"x":53,"y":517,"width":846,"height":11}},{"id":"6dffa272-f85b-4baa-b6b6-2a5dfc5f3b59","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":35,"box":{"x":52,"y":531,"width":875,"height":11}},{"id":"7eb43da6-390d-4531-8e4b-b5e970c4f632","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":35,"box":{"x":52,"y":545,"width":529,"height":11}},{"id":"1117f465-9040-4758-88af-b32784ac575a","block_type":"box","text":"National Closed Market Trading Risk.","page_number":35,"box":{"x":53,"y":568,"width":273,"height":11}},{"id":"15d37628-71d3-4b9c-8ac0-23e2b70bfd9b","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":35,"box":{"x":330,"y":569,"width":544,"height":10}},{"id":"8518b7ad-8b96-42f2-bb7a-cf5ce3d011a0","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":35,"box":{"x":53,"y":583,"width":874,"height":11}},{"id":"83a0feac-07d7-4343-9eb2-2e621be4d8c9","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":35,"box":{"x":52,"y":597,"width":651,"height":11}},{"id":"a1473f1a-495b-4aa7-accb-ae729c395d57","block_type":"box","text":"i.e","page_number":35,"box":{"x":704,"y":597,"width":15,"height":8}},{"id":"f71de1fc-f376-422a-9d71-ef93172ef8cd","block_type":"box","text":"., the quote from the closed","page_number":35,"box":{"x":720,"y":597,"width":191,"height":10}},{"id":"a5c517e5-e855-4506-ac37-617e00679889","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":35,"box":{"x":52,"y":611,"width":880,"height":11}},{"id":"bd3408e3-f023-4b1c-b7f1-2feebdeca3ff","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":35,"box":{"x":52,"y":625,"width":849,"height":11}},{"id":"cfa3a8b6-3db4-4762-87fb-183965f9ca15","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":35,"box":{"x":53,"y":639,"width":850,"height":11}},{"id":"651b0ddf-8038-4d96-90c4-01254fba0b36","block_type":"box","text":"funds.","page_number":35,"box":{"x":52,"y":654,"width":44,"height":8}},{"id":"8dc1ac6a-1f1d-4342-b1d3-84658de68731","block_type":"box","text":"Non-Diversification Risk.","page_number":35,"box":{"x":53,"y":677,"width":184,"height":8}},{"id":"d1358551-d68f-41ad-a088-f657e1c7d71b","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":35,"box":{"x":242,"y":677,"width":633,"height":10}},{"id":"65b1727a-4f3b-4504-8267-6c34e00ec7e0","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":35,"box":{"x":53,"y":691,"width":802,"height":11}},{"id":"e0901018-1a65-4856-9c76-7c09905e9865","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":35,"box":{"x":53,"y":705,"width":888,"height":11}},{"id":"fff782e9-41f8-4fbc-a4da-3f608a4d7c3f","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":35,"box":{"x":53,"y":719,"width":876,"height":11}},{"id":"009e0675-f308-4a2b-a8fe-ea30dd65cff6","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":35,"box":{"x":53,"y":733,"width":696,"height":11}},{"id":"08ac01b7-f5b6-4887-a89d-65112f552cbc","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":35,"box":{"x":53,"y":757,"width":182,"height":8}},{"id":"b0b4585c-2b27-423c-89ed-0e7c6f95c147","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":35,"box":{"x":240,"y":757,"width":687,"height":11}},{"id":"5242a1ab-f8f8-4373-8e5c-b2e3d221c004","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":35,"box":{"x":53,"y":771,"width":853,"height":11}},{"id":"fa61919e-54b0-4153-a768-6c675ce9aa1d","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":35,"box":{"x":52,"y":785,"width":847,"height":11}},{"id":"14c0800f-a5b4-4d1f-9f74-2e70ea70a222","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":35,"box":{"x":53,"y":799,"width":889,"height":11}},{"id":"0e904041-b0c4-46f6-b8ac-a8d88ed01338","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":35,"box":{"x":53,"y":813,"width":842,"height":11}},{"id":"53ac2098-b7cd-4166-a0cb-71da895aff2d","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":35,"box":{"x":53,"y":828,"width":831,"height":10}},{"id":"d95f66a1-4413-4c48-9d13-3959d3316450","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":35,"box":{"x":53,"y":842,"width":821,"height":11}},{"id":"e02b2f0f-6e42-4dbc-ac93-b4a2aaf9e3b1","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":35,"box":{"x":53,"y":856,"width":871,"height":11}},{"id":"3cff42a6-b403-4349-9c9c-a41880fff479","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":35,"box":{"x":53,"y":870,"width":289,"height":11}},{"id":"27f9bbf7-04ec-430d-a9d4-e5915866690f","block_type":"box","text":"Asian Economic Risk","page_number":35,"box":{"x":346,"y":870,"width":154,"height":9}},{"id":"b9e50b4f-0c48-43a8-8221-ea0999f6f3ee","block_type":"box","text":"and","page_number":35,"box":{"x":504,"y":870,"width":25,"height":9}},{"id":"a0772073-f44c-4fdf-b3f8-142f5a1df137","block_type":"box","text":"Central and South American Economic Risk","page_number":35,"box":{"x":535,"y":870,"width":321,"height":9}},{"id":"b2606b7a-1500-4b49-a89e-f8657245f3e2","block_type":"box","text":".","page_number":35,"box":{"x":857,"y":877,"width":2,"height":2}},{"id":"c28d65dc-41f3-4d38-8259-58825c1e595d","block_type":"box","text":"S-27","page_number":35,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"7b5fbf1c-2149-4492-8d2a-98d2037709da","block_type":"box","text":"Operational and Technology Risks.","page_number":36,"box":{"x":53,"y":46,"width":254,"height":11}},{"id":"09043c21-ab37-47cc-a4da-a23c02ac4066","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":36,"box":{"x":312,"y":47,"width":581,"height":10}},{"id":"caedaf17-8b37-4b3f-9465-3366e64610c5","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":36,"box":{"x":53,"y":61,"width":876,"height":10}},{"id":"e36eefe4-0b6f-49a2-b3d0-cb3f6e3c8364","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":36,"box":{"x":53,"y":75,"width":879,"height":11}},{"id":"d2fec52c-3344-4cc7-8383-cb3708503916","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":36,"box":{"x":53,"y":89,"width":825,"height":11}},{"id":"083f4418-3eb1-42d0-8606-1886fbe467db","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":36,"box":{"x":53,"y":103,"width":862,"height":11}},{"id":"0c95433e-92ef-476e-a463-42f05d05e059","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":36,"box":{"x":53,"y":117,"width":872,"height":11}},{"id":"f8329e27-8061-41d1-b513-58512f179f57","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":36,"box":{"x":53,"y":131,"width":824,"height":11}},{"id":"19125045-1053-42e1-9226-bd9a3aac21af","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":36,"box":{"x":53,"y":155,"width":253,"height":11}},{"id":"a0807c46-0e59-4d82-b1ce-6ab0691b2533","block_type":"box","text":"The Fund invests in countries or regions whose economies are heavily dependent upon","page_number":36,"box":{"x":310,"y":155,"width":614,"height":11}},{"id":"e28f052d-1274-49cf-81ca-3a8985417431","block_type":"box","text":"trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its","page_number":36,"box":{"x":52,"y":169,"width":871,"height":11}},{"id":"d20d32a8-c315-4ea6-9d86-e5a1d15e0b0f","block_type":"box","text":"holdings of securities of certain issuers, the Fund is specifically exposed to","page_number":36,"box":{"x":53,"y":183,"width":527,"height":11}},{"id":"fc44a420-4558-41a4-8213-1b6a9b001075","block_type":"box","text":"U.S. Economic Risk.","page_number":36,"box":{"x":585,"y":183,"width":144,"height":9}},{"id":"b3b37b19-dcd0-4160-90e1-3f6a5125f1da","block_type":"box","text":"Risk of Investing in Brazil.","page_number":36,"box":{"x":53,"y":206,"width":190,"height":11}},{"id":"8ae55a99-51fd-4ed4-9719-228dae4c9d84","block_type":"box","text":"Investing in Brazilian issuers subjects the Fund to legal, regulatory, political, currency, security,","page_number":36,"box":{"x":248,"y":206,"width":669,"height":11}},{"id":"454b07f9-ee6b-4677-a091-8288aac8278d","block_type":"box","text":"and economic risks that are specific to Brazil. Agricultural and mining exports are important to the Brazilian economy, which","page_number":36,"box":{"x":53,"y":220,"width":877,"height":11}},{"id":"9326967a-3e3b-43a8-a10a-bc5ac404efc6","block_type":"box","text":"thus is susceptible to fluctuations in the commodity markets. The Brazilian economy has experienced high inflation and high","page_number":36,"box":{"x":52,"y":235,"width":884,"height":10}},{"id":"878ce60a-5c48-448b-956c-d3fe638978a4","block_type":"box","text":"government debt levels, which could constrain economic growth. Brazil may face heightened risks of political instability,","page_number":36,"box":{"x":53,"y":249,"width":848,"height":11}},{"id":"7b39349b-0c62-43fb-8a27-d3bb0d987a77","block_type":"box","text":"which could exacerbate structural economic risks.","page_number":36,"box":{"x":52,"y":263,"width":354,"height":8}},{"id":"3033b508-9293-4719-861b-a9b9af932b5b","block_type":"box","text":"Risk of Investing in China.","page_number":36,"box":{"x":53,"y":286,"width":191,"height":11}},{"id":"aab60948-0899-4663-ae0f-c2af0d33ebbf","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":36,"box":{"x":250,"y":286,"width":678,"height":11}},{"id":"0279a4a5-8403-4af2-a558-abdf9cd90539","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":36,"box":{"x":53,"y":300,"width":819,"height":11}},{"id":"a93c270b-371b-4f3d-95ad-66d6f683c506","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":36,"box":{"x":53,"y":314,"width":866,"height":11}},{"id":"78c458ad-ffa0-4b34-aea8-e981cd7eb997","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":36,"box":{"x":53,"y":329,"width":866,"height":11}},{"id":"a01353ff-b9e5-4388-8581-95ce5f16786e","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":36,"box":{"x":52,"y":343,"width":841,"height":11}},{"id":"e8ea9cf7-c1ba-4e25-a708-4eee16c9921a","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":36,"box":{"x":53,"y":357,"width":864,"height":11}},{"id":"152a458b-477b-491a-9db1-6b7c7a455c73","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":36,"box":{"x":52,"y":371,"width":861,"height":11}},{"id":"dfb94014-858b-4930-b02e-01de982943c6","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":36,"box":{"x":53,"y":385,"width":869,"height":11}},{"id":"311061b8-21cd-48aa-9894-68898f17b016","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":36,"box":{"x":53,"y":400,"width":783,"height":10}},{"id":"c345adc6-dddf-4cf5-bfd4-088ff25f082f","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":36,"box":{"x":53,"y":423,"width":887,"height":11}},{"id":"433ff615-d524-41ad-94ed-f89340c62dba","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":36,"box":{"x":52,"y":437,"width":834,"height":11}},{"id":"01a905a0-e380-467d-91e2-5e48311b90e3","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":36,"box":{"x":52,"y":451,"width":845,"height":11}},{"id":"2d540176-9446-4650-8582-f1510f93a89f","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":36,"box":{"x":53,"y":465,"width":876,"height":11}},{"id":"4d63ace6-05d1-4407-bf18-1c035adf72b9","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":36,"box":{"x":53,"y":480,"width":834,"height":10}},{"id":"de6f1afe-3f0c-43ff-9424-7c13fb450940","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":36,"box":{"x":53,"y":494,"width":421,"height":11}},{"id":"e8bfadc6-096c-482c-81eb-d49c3df52f69","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":36,"box":{"x":52,"y":517,"width":849,"height":11}},{"id":"50d5918d-7f91-4ec1-9401-d889136c7fb6","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":36,"box":{"x":53,"y":531,"width":886,"height":11}},{"id":"c0aa9d01-727c-4628-bbc0-d034a5606498","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":36,"box":{"x":53,"y":545,"width":878,"height":11}},{"id":"80bdfa40-131c-40c6-943e-e74452e615f0","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":36,"box":{"x":53,"y":559,"width":874,"height":11}},{"id":"1685f716-89e7-4bb6-b2ed-e6d63ea1cb9f","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":36,"box":{"x":53,"y":574,"width":878,"height":10}},{"id":"45182f3e-2187-4c35-a6ef-3d96e1084ff2","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":36,"box":{"x":53,"y":588,"width":807,"height":11}},{"id":"c31756b8-da32-498b-a267-1570ace710c8","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":36,"box":{"x":53,"y":602,"width":890,"height":11}},{"id":"0ce55836-2212-406c-b15a-429a13cc051b","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":36,"box":{"x":52,"y":616,"width":471,"height":11}},{"id":"e2763261-54a9-47b1-a865-a6de543e5f92","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":36,"box":{"x":53,"y":639,"width":883,"height":11}},{"id":"d1c12618-ecf2-4d88-9d3b-135e31e7f204","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":36,"box":{"x":53,"y":654,"width":850,"height":10}},{"id":"2a5544db-77c8-44ba-8d56-fa8650306bc8","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":36,"box":{"x":53,"y":668,"width":861,"height":11}},{"id":"82b0fab7-b0ec-48e7-82f5-7a891322548f","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":36,"box":{"x":53,"y":682,"width":850,"height":11}},{"id":"60100175-10b2-424c-b7ae-2756433dbb02","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":36,"box":{"x":53,"y":696,"width":883,"height":11}},{"id":"5ed207bf-a971-400e-bb40-ee1ec125356a","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":36,"box":{"x":52,"y":710,"width":860,"height":11}},{"id":"5c231642-7b43-4deb-ac7e-afc922531f20","block_type":"box","text":"have limited legal remedies.","page_number":36,"box":{"x":53,"y":725,"width":196,"height":10}},{"id":"167566b5-9afc-4178-bd15-bdde2f50e63d","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":36,"box":{"x":53,"y":748,"width":845,"height":11}},{"id":"d00cc26f-e792-4340-8bb0-ce2b88dbeb22","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":36,"box":{"x":52,"y":762,"width":836,"height":11}},{"id":"a0db8fa8-28b5-4c26-bf21-f95e0911386e","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":36,"box":{"x":53,"y":776,"width":851,"height":11}},{"id":"5b2344d6-3fde-4872-859b-7fb45600fcb0","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":36,"box":{"x":52,"y":790,"width":779,"height":11}},{"id":"5851c35b-cece-408e-a771-2ed2a8acaef2","block_type":"box","text":"considerations.","page_number":36,"box":{"x":53,"y":805,"width":107,"height":8}},{"id":"8bce3506-6b31-45c0-a8c6-39a938eb9f2f","block_type":"box","text":"Risk of Investing in Russia.","page_number":36,"box":{"x":53,"y":827,"width":196,"height":12}},{"id":"3e14ad2b-30e7-49e3-b622-cca9a234ac8f","block_type":"box","text":"Investing in Russian securities involves significant risks, including legal, regulatory, currency","page_number":36,"box":{"x":258,"y":828,"width":655,"height":10}},{"id":"fbb5bcff-bab3-4a1f-be71-d3d1fa8d6b9e","block_type":"box","text":"and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the","page_number":36,"box":{"x":53,"y":842,"width":869,"height":11}},{"id":"af689d22-480d-48e8-81ca-160e5c66dc0b","block_type":"box","text":"settlement of portfolio transactions and loss of the Fund’s ownership rights in its portfolio securities as a result of the system","page_number":36,"box":{"x":52,"y":856,"width":883,"height":11}},{"id":"3b6947b8-02b9-4c42-bf3c-d398da078b2e","block_type":"box","text":"of share registration and custody in Russia. Governments, including the U.S., the U.K., the E.U., and many other countries have","page_number":36,"box":{"x":53,"y":870,"width":888,"height":11}},{"id":"a07c25fc-3526-408e-8f4b-8af756e2e8e5","block_type":"box","text":"imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities, and jurisdictions","page_number":36,"box":{"x":53,"y":885,"width":864,"height":10}},{"id":"8611b317-f2a6-42fb-913d-7d5d7b32452f","block_type":"box","text":"may also institute broader sanctions on Russia. Russia has issued a number of countersanctions, some of which restrict the","page_number":36,"box":{"x":53,"y":899,"width":873,"height":10}},{"id":"b9e3ea10-ffd8-4c7d-b19c-784c6d2f881b","block_type":"box","text":"S-28","page_number":36,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"3e675c98-281e-4249-b8e8-2f8df3855ab5","block_type":"box","text":"distribution of profits by limited liability companies (e.g., dividends), and prohibit Russian persons from entering into","page_number":37,"box":{"x":53,"y":46,"width":824,"height":11}},{"id":"ea0cda58-38c5-4555-9129-f8cd737db48d","block_type":"box","text":"transactions with designated persons from “unfriendly states” as well as the export of raw materials or other products from","page_number":37,"box":{"x":52,"y":60,"width":867,"height":11}},{"id":"1e5b48cd-6c8f-4d6b-8189-218dca083919","block_type":"box","text":"Russia to certain sanctioned persons.","page_number":37,"box":{"x":53,"y":75,"width":264,"height":10}},{"id":"476ed325-2b05-4a3d-993e-4e9311743fd3","block_type":"box","text":"Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action,","page_number":37,"box":{"x":53,"y":98,"width":841,"height":11}},{"id":"c4ebc2f7-fb69-46c3-96a7-9d2c2d2ac7db","block_type":"box","text":"resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":37,"box":{"x":53,"y":112,"width":882,"height":11}},{"id":"71ab82d5-116c-4781-bd75-bf0d872bb0d6","block_type":"box","text":"against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or","page_number":37,"box":{"x":53,"y":126,"width":862,"height":11}},{"id":"1a8bd0b9-d4a6-419e-827c-96b26bb3dd9b","block_type":"box","text":"other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including","page_number":37,"box":{"x":53,"y":140,"width":884,"height":11}},{"id":"48b63a4b-365d-42a5-b40f-e9980502bb29","block_type":"box","text":"purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, import and","page_number":37,"box":{"x":53,"y":155,"width":854,"height":11}},{"id":"378d3b31-ea8c-4d22-9219-8e6326b55358","block_type":"box","text":"export restrictions, tariffs or cyberattacks on the Russian government, Russian companies, or Russian individuals, including","page_number":37,"box":{"x":53,"y":169,"width":874,"height":11}},{"id":"4a44e492-3383-438c-8259-eb3129dc8ac5","block_type":"box","text":"politicians, may impact Russia’s economy and Russian companies in which the Fund invests. Actual and threatened","page_number":37,"box":{"x":53,"y":183,"width":816,"height":11}},{"id":"b7521378-785d-4d3b-ab62-330e49f0729a","block_type":"box","text":"responses to Russian military action may also impact the markets for certain Russian commodities, such as oil and natural","page_number":37,"box":{"x":53,"y":197,"width":867,"height":11}},{"id":"d6dfd48e-b32b-4576-9fd2-14bffd6bfc22","block_type":"box","text":"gas, as well as other sectors of the Russian economy, and are likely to have collateral impacts on such sectors globally.","page_number":37,"box":{"x":53,"y":211,"width":833,"height":11}},{"id":"aff6fdcc-eb69-4a6c-90d6-a0c513f10395","block_type":"box","text":"Russian companies may be unable to pay dividends and, if they pay dividends, the Fund may be unable to receive them. As a","page_number":37,"box":{"x":53,"y":226,"width":876,"height":10}},{"id":"0601fd45-aa3e-4428-a672-d46b6e6840bd","block_type":"box","text":"result of sanctions, the Fund is currently restricted from trading in Russian securities, including those in its portfolio, and the","page_number":37,"box":{"x":53,"y":240,"width":881,"height":11}},{"id":"d58cfea9-5657-44d2-91b0-2f17cfd6ab57","block_type":"box","text":"Underlying Index has removed Russian securities. It is unknown when, or if, sanctions may be lifted or the Fund’s ability to","page_number":37,"box":{"x":53,"y":254,"width":859,"height":11}},{"id":"e301f41a-c532-4a46-b6ea-89cd49adac75","block_type":"box","text":"trade in Russian securities will resume.","page_number":37,"box":{"x":52,"y":268,"width":275,"height":9}},{"id":"742709d2-378f-45ad-91a9-51886bb7a9ec","block_type":"box","text":"Securities Lending Risk.","page_number":37,"box":{"x":52,"y":291,"width":178,"height":11}},{"id":"6264fb75-ec58-44a8-b684-e6ce25e3666e","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":37,"box":{"x":234,"y":291,"width":692,"height":11}},{"id":"e7290cdf-1f0a-4875-b8d5-534e2bd87a75","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":37,"box":{"x":53,"y":306,"width":870,"height":10}},{"id":"767a214e-b284-49c2-8fe8-5982efe918a7","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":37,"box":{"x":53,"y":320,"width":886,"height":11}},{"id":"a5f1c2d6-6db5-4664-bf03-d228b785eb5a","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":37,"box":{"x":53,"y":334,"width":831,"height":11}},{"id":"8b41b60c-48b0-43c5-a3e0-c39bf4acc7a6","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":37,"box":{"x":52,"y":357,"width":278,"height":11}},{"id":"3ced4d5e-8c40-4a45-b958-727ebbb96082","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":37,"box":{"x":336,"y":357,"width":532,"height":11}},{"id":"936624f6-5054-4375-8cc5-6a638419dc01","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":37,"box":{"x":53,"y":371,"width":817,"height":11}},{"id":"88fef57f-1b20-4efb-b10a-961b780d633f","block_type":"box","text":"companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s","page_number":37,"box":{"x":53,"y":385,"width":887,"height":11}},{"id":"fe821878-ddaf-472c-bf56-6266327c72b4","block_type":"box","text":"share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.","page_number":37,"box":{"x":52,"y":400,"width":818,"height":10}},{"id":"cdac5b53-6ab6-4219-b754-a92e1650d06f","block_type":"box","text":"Small Fund Risk.","page_number":37,"box":{"x":52,"y":423,"width":122,"height":8}},{"id":"86447121-84af-45ba-90e0-a28173137f2f","block_type":"box","text":"When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The","page_number":37,"box":{"x":178,"y":423,"width":751,"height":11}},{"id":"790cc058-7d0f-4028-9847-4efdfe8248d1","block_type":"box","text":"Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset","page_number":37,"box":{"x":53,"y":437,"width":869,"height":11}},{"id":"8128b08a-4cbb-4e0f-a521-935ebce2e849","block_type":"box","text":"base. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by the listing","page_number":37,"box":{"x":53,"y":451,"width":837,"height":11}},{"id":"d83ba532-6818-465e-9174-5c391f153307","block_type":"box","text":"exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax","page_number":37,"box":{"x":53,"y":465,"width":832,"height":11}},{"id":"101b2cc6-b182-43f6-929c-e1ef66c1e19a","block_type":"box","text":"consequences for its shareholders.","page_number":37,"box":{"x":53,"y":480,"width":246,"height":10}},{"id":"ecc29292-a7a1-49e2-80da-9c53b55ba366","block_type":"box","text":"Thematic Investing Risk.","page_number":37,"box":{"x":52,"y":503,"width":182,"height":11}},{"id":"31b54fa8-6494-4462-bf9c-8e9d0d3c532a","block_type":"box","text":"The Fund relies on the Index Provider to identify securities that reflect the relevant themes and","page_number":37,"box":{"x":238,"y":503,"width":668,"height":11}},{"id":"43f7e858-e102-4f87-af35-25f70a89803b","block_type":"box","text":"sub-themes for inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the","page_number":37,"box":{"x":52,"y":517,"width":882,"height":11}},{"id":"ad08d0f7-3cbd-4435-ab3c-9c8fd5556fdc","block_type":"box","text":"intended theme and sub-theme exposures. The Fund’s performance may suffer if such securities are not correctly identified,","page_number":37,"box":{"x":53,"y":531,"width":878,"height":11}},{"id":"d94689bb-74e0-4b4a-88ba-6fee879fb3d6","block_type":"box","text":"if a theme or sub-theme develops in an unexpected manner, or if securities in the Underlying Index do not benefit from the","page_number":37,"box":{"x":53,"y":545,"width":864,"height":11}},{"id":"6d71b8c2-f035-4984-bf3b-756d38aebdeb","block_type":"box","text":"development of a theme or sub-theme. The Fund’s performance may also be impacted if securities that are not related to the","page_number":37,"box":{"x":53,"y":559,"width":879,"height":11}},{"id":"36e48c80-e5b9-40e3-98c9-6d520a01e312","block_type":"box","text":"theme or sub-theme are included in the Underlying Index.","page_number":37,"box":{"x":52,"y":574,"width":410,"height":10}},{"id":"52355c45-4fd1-4471-95f4-e349367510a0","block_type":"box","text":"Tracking Error Risk.","page_number":37,"box":{"x":52,"y":597,"width":145,"height":11}},{"id":"4f93b54c-7456-449c-b830-c9b17ed72e7e","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":37,"box":{"x":201,"y":597,"width":741,"height":11}},{"id":"e4ba16a9-5a09-401d-9489-6967d6b84208","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":37,"box":{"x":53,"y":611,"width":861,"height":11}},{"id":"7d1d64e8-ac48-4ad8-b3a1-8c5ccb55a2a6","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":37,"box":{"x":53,"y":625,"width":832,"height":11}},{"id":"7085f72e-e3a0-4797-b27a-04f1ffc362ec","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":37,"box":{"x":53,"y":640,"width":880,"height":10}},{"id":"37e9d4d6-1fd6-4af5-bab6-00995a00f237","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":37,"box":{"x":53,"y":654,"width":831,"height":10}},{"id":"3ec485e9-31cf-4d52-9689-40fe16733eca","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":37,"box":{"x":52,"y":668,"width":828,"height":11}},{"id":"8919a295-9037-4281-84fd-597e5335907e","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":37,"box":{"x":53,"y":682,"width":873,"height":11}},{"id":"e9ae9d2b-8450-4c68-8e33-71315f149bc9","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":37,"box":{"x":53,"y":696,"width":889,"height":11}},{"id":"6704025c-cdc0-4999-8824-3f8707fb62a2","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":37,"box":{"x":53,"y":710,"width":852,"height":11}},{"id":"eb94990d-8244-4d27-a1f8-01fb6e0c7336","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":37,"box":{"x":53,"y":724,"width":886,"height":11}},{"id":"edcd96b5-283d-4d48-bba9-d92c2daa0fc7","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":37,"box":{"x":53,"y":739,"width":873,"height":11}},{"id":"c9ec0a10-75b4-4351-9b4f-823fd67a21e5","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. Until the Fund reaches","page_number":37,"box":{"x":53,"y":753,"width":890,"height":11}},{"id":"180514d8-faa4-4791-9e97-d7da5c973788","block_type":"box","text":"greater scale, it may experience higher tracking error than is typical for similar index ETFs. A Fund that tracks an index with","page_number":37,"box":{"x":53,"y":767,"width":866,"height":11}},{"id":"8cf7742c-4900-4a8c-8b2d-d38d37c98833","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":37,"box":{"x":53,"y":781,"width":763,"height":11}},{"id":"87b280aa-5bf9-4d28-8bab-8d7e57c7dad8","block_type":"box","text":"Utility Companies Risk.","page_number":37,"box":{"x":53,"y":804,"width":170,"height":11}},{"id":"a8522478-dcf7-4060-8e16-2cc4c90a4598","block_type":"box","text":"The utilities sector is generally subject to significant government regulation and oversight, including","page_number":37,"box":{"x":228,"y":804,"width":710,"height":11}},{"id":"f45c3a52-d99c-4c6a-9a8f-0723dd1bf8eb","block_type":"box","text":"restrictions on rates as well as environmental and other regulations. Utility companies also may face risks related to, among","page_number":37,"box":{"x":53,"y":819,"width":873,"height":10}},{"id":"445d1968-f5cf-4d5d-b931-6d7e864fd7a7","block_type":"box","text":"other things, natural disasters, cyber or other attacks, capital project funding, energy price volatility and increased","page_number":37,"box":{"x":53,"y":833,"width":804,"height":11}},{"id":"a10503d2-027c-4f84-bc36-8f8022d1d8cb","block_type":"box","text":"competition.","page_number":37,"box":{"x":53,"y":847,"width":88,"height":10}},{"id":"bb55681f-eabb-4d60-a9f6-ffd7542720b4","block_type":"box","text":"Valuation Risk.","page_number":37,"box":{"x":52,"y":870,"width":110,"height":9}},{"id":"d33af8d3-8304-4949-8c5e-e308439dfd8d","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":37,"box":{"x":166,"y":870,"width":740,"height":11}},{"id":"8a6eba29-ef0d-46ce-b347-093de7c0b3d0","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":37,"box":{"x":53,"y":884,"width":840,"height":11}},{"id":"4b1fe384-90a2-4d67-9984-83569d3a4f52","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":37,"box":{"x":52,"y":899,"width":869,"height":10}},{"id":"5161ecac-1c0c-45de-b778-ccee7598339b","block_type":"box","text":"S-29","page_number":37,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"f8b29289-4a1c-4462-b645-b54e768ba689","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":38,"box":{"x":52,"y":46,"width":889,"height":11}},{"id":"ac0449cb-7fa2-4dbb-92ac-aeb1565ea01b","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":38,"box":{"x":53,"y":61,"width":871,"height":10}},{"id":"9dd2150d-9e17-49a8-a30c-96fcc3fa59ba","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":38,"box":{"x":52,"y":75,"width":879,"height":11}},{"id":"e019418c-6d78-4d3f-9e84-734077c02158","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":38,"box":{"x":53,"y":89,"width":880,"height":11}},{"id":"f659381c-1bfd-42d3-bf87-b370467d82a4","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":38,"box":{"x":53,"y":103,"width":816,"height":11}},{"id":"47353f80-1eb1-404d-b0c6-c3fc93b722c0","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":38,"box":{"x":52,"y":118,"width":613,"height":10}},{"id":"5a367099-0b1b-41fd-a698-96f0d5ed4a01","block_type":"box","text":"Performance Information","page_number":38,"box":{"x":54,"y":139,"width":228,"height":10}},{"id":"8909cd0e-c38e-4939-8b40-50e02281d16c","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":38,"box":{"x":52,"y":164,"width":864,"height":10}},{"id":"c5322bfd-7b0a-450d-8094-d2a87f758c1a","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":38,"box":{"x":52,"y":178,"width":872,"height":11}},{"id":"192054d1-55c2-4e6b-8a7c-a405062f14ff","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":38,"box":{"x":53,"y":192,"width":868,"height":11}},{"id":"d59ad7fd-a822-4bb2-a2bb-78d233feaaab","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":38,"box":{"x":53,"y":206,"width":838,"height":11}},{"id":"ce9fd719-4e8a-4bc4-919a-bd8fab6db6ac","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":38,"box":{"x":53,"y":220,"width":868,"height":11}},{"id":"8e2153dc-61ff-4711-bffd-147cd5da8caf","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":38,"box":{"x":53,"y":235,"width":832,"height":10}},{"id":"19c3f02e-fece-4b9c-9afc-60f070aa894a","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":38,"box":{"x":53,"y":249,"width":842,"height":11}},{"id":"4f1cad37-693d-4e5a-95a2-ce16c13a614d","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":38,"box":{"x":52,"y":263,"width":531,"height":11}},{"id":"f12f3472-28ab-420c-b1e6-82ade72c4c2f","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":38,"box":{"x":135,"y":287,"width":260,"height":11}},{"id":"e906f7c5-b5ec-4e6a-867c-3aadb7624b12","block_type":"box","text":"5.57","page_number":38,"box":{"x":89,"y":377,"width":20,"height":6}},{"id":"0dea833d-3260-40f1-a135-87847bac4a02","block_type":"box","text":"20.05","page_number":38,"box":{"x":123,"y":358,"width":26,"height":6}},{"id":"12f5d198-7444-4bde-bc33-23b06fe27bbe","block_type":"box","text":"-12.99","page_number":38,"box":{"x":158,"y":417,"width":29,"height":6}},{"id":"8cf8b7f2-64d5-4552-8fda-9ef3059a8700","block_type":"box","text":"15.81","page_number":38,"box":{"x":198,"y":363,"width":23,"height":6}},{"id":"d734c5e1-ef82-4907-8e2a-206f4b67c533","block_type":"box","text":"-19.79","page_number":38,"box":{"x":232,"y":426,"width":29,"height":6}},{"id":"02c1978b-d162-4835-a9e5-e970d76ae3de","block_type":"box","text":"2.45","page_number":38,"box":{"x":274,"y":381,"width":20,"height":6}},{"id":"6ebcb1c7-9d72-4445-9db3-e3e078f87c79","block_type":"box","text":"-12.29","page_number":38,"box":{"x":306,"y":416,"width":29,"height":6}},{"id":"2fcd4207-77c6-448d-9329-d4439f813723","block_type":"box","text":"7.82","page_number":38,"box":{"x":348,"y":374,"width":20,"height":6}},{"id":"7607235c-98ac-4797-8fa4-407d12351273","block_type":"box","text":"0.23","page_number":38,"box":{"x":385,"y":384,"width":20,"height":6}},{"id":"9a9fb9f1-4504-4446-a51c-ee90857e9ab4","block_type":"box","text":"32.57","page_number":38,"box":{"x":419,"y":341,"width":26,"height":6}},{"id":"02bc861a-7144-47c5-92eb-956f130bb27d","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":38,"box":{"x":87,"y":442,"width":356,"height":6}},{"id":"514432b8-b43b-47b7-9624-a2e44c046484","block_type":"box","text":"Return (%) Period Ended","page_number":38,"box":{"x":736,"y":303,"width":188,"height":8}},{"id":"2b5f7a48-ecbd-469b-884b-797a3f14dafc","block_type":"box","text":"Calendar Year-to-Date Return","page_number":38,"box":{"x":520,"y":321,"width":197,"height":7}},{"id":"238c06fe-975e-46a6-8152-2c43a2b20da0","block_type":"box","text":"0.67% June 30, 2026","page_number":38,"box":{"x":757,"y":321,"width":185,"height":8}},{"id":"55a3a5fc-832c-4610-af37-1817bccbf197","block_type":"box","text":"During the periods shown in the chart:","page_number":38,"box":{"x":520,"y":333,"width":250,"height":10}},{"id":"08bc0fd7-5cd3-48a6-a35a-2f5b5201d1dc","block_type":"box","text":"Best Quarter 20.51% December 31, 2020","page_number":38,"box":{"x":534,"y":346,"width":408,"height":9}},{"id":"b1b3b7cd-ee34-4107-b9d6-a3026eb22c48","block_type":"box","text":"Worst Quarter -37.24% March 31, 2020","page_number":38,"box":{"x":533,"y":359,"width":409,"height":9}},{"id":"5dc6ce72-5083-4590-988b-3a50ddd51b7a","block_type":"box","text":"Average Annual Total Returns (%)","page_number":38,"box":{"x":372,"y":472,"width":251,"height":11}},{"id":"d2955a0f-3207-4f73-807f-e4b7cf566dfd","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":38,"box":{"x":340,"y":486,"width":315,"height":10}},{"id":"771c2902-0cda-4384-9f36-d1dda87537f5","block_type":"box","text":"One Year Five Years Ten Years","page_number":38,"box":{"x":670,"y":502,"width":268,"height":8}},{"id":"473e220b-60df-4e18-ac8e-0c42ee91a017","block_type":"box","text":"Fund Inception: 6/16/2009","page_number":38,"box":{"x":58,"y":518,"width":179,"height":9}},{"id":"4447616d-94d9-47b2-b0b4-76659f7e1efa","block_type":"box","text":"Return Before Taxes","page_number":38,"box":{"x":58,"y":529,"width":125,"height":8}},{"id":"5ecc9a37-1683-438f-a2e8-be66cb272984","block_type":"box","text":"32.57% 5.18% 2.81%","page_number":38,"box":{"x":682,"y":530,"width":253,"height":7}},{"id":"0c603fa2-74a4-4bbc-a69d-ee5df3aeb63c","block_type":"box","text":"Return After Taxes on Distributions 30.97% 4.20% 1.99%","page_number":38,"box":{"x":58,"y":541,"width":877,"height":8}},{"id":"9c4753a2-31d2-45cf-9ae8-55a7098aa82d","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 20.30% 3.83% 2.04%","page_number":38,"box":{"x":58,"y":553,"width":877,"height":7}},{"id":"96bfb41d-bd5f-4a4f-9de8-9062880904d6","block_type":"box","text":"S&P Emerging Broad Market Index (Net)","page_number":38,"box":{"x":57,"y":564,"width":266,"height":10}},{"id":"e42d5815-d204-4960-9723-e61b44170287","block_type":"box","text":"1","page_number":38,"box":{"x":324,"y":563,"width":5,"height":5}},{"id":"484532f2-fed3-4115-beee-7f6f21389c82","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":38,"box":{"x":334,"y":564,"width":268,"height":9}},{"id":"a241ab9d-1026-4f7a-bdd1-22eb198a2dff","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 23.98% 4.80% 8.44%","page_number":38,"box":{"x":71,"y":577,"width":864,"height":10}},{"id":"09530186-4955-4d36-8cc8-71b7ac51023a","block_type":"box","text":"S&P Emerging Markets Plus Infrastructure Index (Net)","page_number":38,"box":{"x":57,"y":589,"width":359,"height":9}},{"id":"df4c6c3c-108a-49ac-84e0-bcc8ec26b1d0","block_type":"box","text":"1","page_number":38,"box":{"x":417,"y":587,"width":5,"height":5}},{"id":"6d9acc8c-ea4c-4275-ae56-f7063cccd8cc","block_type":"box","text":"(Returns do not reflect deductions","page_number":38,"box":{"x":426,"y":589,"width":215,"height":8}},{"id":"a67c86b5-da0b-4ddc-99c6-f7a6bb6abeb4","block_type":"box","text":"for fees, expenses or taxes except for withholding taxes on reinvested dividends) 33.42% 5.36% 2.85%","page_number":38,"box":{"x":71,"y":602,"width":864,"height":9}},{"id":"d5fee7cc-8578-4bf7-9c9e-e436d863b850","block_type":"box","text":"1","page_number":38,"box":{"x":80,"y":620,"width":5,"height":5}},{"id":"0ed08156-c4b7-4f05-8a4f-383b48dcb87c","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":38,"box":{"x":94,"y":622,"width":827,"height":9}},{"id":"2bc1398d-2b7c-4530-8da6-63e6a5eae4ec","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":38,"box":{"x":93,"y":632,"width":847,"height":10}},{"id":"01d1a544-7d39-4106-aaed-88a4de0a948e","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":38,"box":{"x":93,"y":642,"width":843,"height":10}},{"id":"d0ada358-7894-4f69-a739-eff20ca0a0b0","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":38,"box":{"x":92,"y":653,"width":829,"height":9}},{"id":"5912ce4e-42b3-412f-90cd-555768a70d6d","block_type":"box","text":"tax rates, if any.","page_number":38,"box":{"x":92,"y":663,"width":97,"height":10}},{"id":"cb3354b4-9ad2-4d4b-8c71-1db5786a4f3f","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":38,"box":{"x":52,"y":683,"width":857,"height":10}},{"id":"0bbea18b-183e-473c-b018-35f2e09ac941","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":38,"box":{"x":53,"y":697,"width":865,"height":10}},{"id":"8948d674-55e4-493f-8bc9-78c0d6c9b56a","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":38,"box":{"x":53,"y":711,"width":847,"height":11}},{"id":"ab42c960-1dc3-4b41-8082-82c55084d2c3","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":38,"box":{"x":52,"y":725,"width":857,"height":11}},{"id":"c0c21deb-593e-4eb8-816c-28e2908490db","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":38,"box":{"x":53,"y":739,"width":877,"height":11}},{"id":"2d846dc8-502e-4412-b4e1-4ec10dc16c69","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":38,"box":{"x":52,"y":754,"width":836,"height":10}},{"id":"cc80b0aa-6ae5-46c1-8812-51925c3a8dd0","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":38,"box":{"x":53,"y":768,"width":886,"height":11}},{"id":"3838fbc2-74c8-4e45-8de8-356738e3a5eb","block_type":"box","text":"on distributions.","page_number":38,"box":{"x":53,"y":782,"width":114,"height":8}},{"id":"307260e6-4d35-49a8-b0df-95c992d8a85a","block_type":"box","text":"Management","page_number":38,"box":{"x":54,"y":811,"width":119,"height":13}},{"id":"20de0d04-4fa5-4cdb-be61-0108e49a9237","block_type":"box","text":"Investment Adviser.","page_number":38,"box":{"x":53,"y":836,"width":145,"height":8}},{"id":"667a2d21-3929-42e6-9f60-59b68bbeb9a6","block_type":"box","text":"BlackRock Fund Advisors.","page_number":38,"box":{"x":204,"y":836,"width":180,"height":8}},{"id":"62b3dfed-5f68-4ae3-8d71-66ac10462fbd","block_type":"box","text":"S-30","page_number":38,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"c5e0211d-c44e-4d8b-80d6-c1aa081712e5","block_type":"box","text":"Portfolio Managers.","page_number":39,"box":{"x":53,"y":46,"width":146,"height":11}},{"id":"be2db300-521a-45e0-9bfb-28405df33897","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":39,"box":{"x":203,"y":46,"width":679,"height":11}},{"id":"6dd40df2-f2fa-4082-8c43-a377f531d440","block_type":"box","text":"management of the Fund:","page_number":39,"box":{"x":53,"y":61,"width":182,"height":10}},{"id":"71f2df4f-9f79-4e9d-9a24-6d82dbea48c6","block_type":"box","text":"Portfolio Manager","page_number":39,"box":{"x":58,"y":96,"width":119,"height":10}},{"id":"baa878cc-7901-4731-89b5-4c486aabb464","block_type":"box","text":"Portfolio Manager of the","page_number":39,"box":{"x":411,"y":83,"width":160,"height":10}},{"id":"9fd77690-8af5-4a04-8092-c5cbf4515768","block_type":"box","text":"Fund Since","page_number":39,"box":{"x":455,"y":96,"width":72,"height":8}},{"id":"04233938-55a4-4bbc-90a4-51a95a61b492","block_type":"box","text":"Title with Investment","page_number":39,"box":{"x":804,"y":83,"width":140,"height":8}},{"id":"3fbb5e9e-0c24-430e-89d8-acb97f823a68","block_type":"box","text":"Adviser","page_number":39,"box":{"x":849,"y":96,"width":49,"height":8}},{"id":"fdcd2059-5dee-4aef-9627-b7af6f3ae034","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":39,"box":{"x":57,"y":112,"width":876,"height":9}},{"id":"3b6f8efe-5fe5-4cea-931c-11f25787e026","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":39,"box":{"x":58,"y":127,"width":875,"height":10}},{"id":"b2a1c506-76b6-4046-ab18-2e6f369f92d3","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":39,"box":{"x":58,"y":143,"width":875,"height":9}},{"id":"c60b3413-7b7b-4a1f-83ab-42215806cb14","block_type":"box","text":"Steven White 2025 Managing Director","page_number":39,"box":{"x":57,"y":158,"width":876,"height":10}},{"id":"578c2b44-3639-4de1-b63e-2fb9679084fe","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":39,"box":{"x":54,"y":193,"width":304,"height":11}},{"id":"3fa17d17-bdf3-4c14-8920-c88d1896746f","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":39,"box":{"x":52,"y":218,"width":878,"height":11}},{"id":"2041c8ff-baa4-476b-9446-289edb5717fa","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":39,"box":{"x":53,"y":233,"width":855,"height":11}},{"id":"5cf8f428-c0a6-48a9-b4ae-cce2d20029f7","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":39,"box":{"x":52,"y":247,"width":817,"height":11}},{"id":"365330d1-0c8f-47f4-98cd-615332ffde06","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":39,"box":{"x":53,"y":261,"width":878,"height":11}},{"id":"c70c6741-7cb7-427b-8916-c318d2a1b6bb","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":39,"box":{"x":53,"y":275,"width":861,"height":11}},{"id":"1984b1ef-64d4-4a7e-bb71-882ba6b1ad09","block_type":"box","text":"(the “bid-ask spread”).","page_number":39,"box":{"x":53,"y":289,"width":156,"height":11}},{"id":"3a353ffa-cbe0-4aee-83e8-a525156be797","block_type":"box","text":"Tax Information","page_number":39,"box":{"x":52,"y":318,"width":144,"height":11}},{"id":"06a4adf6-4681-45c6-a674-a555285be9bb","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":39,"box":{"x":52,"y":344,"width":831,"height":10}},{"id":"ce7ef0a5-d3dd-43de-83d6-786f6d0b8669","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":39,"box":{"x":53,"y":358,"width":883,"height":11}},{"id":"62bd97d0-a892-4c08-ac2f-146f9c6589f3","block_type":"box","text":"be taxed when withdrawn.","page_number":39,"box":{"x":53,"y":372,"width":182,"height":8}},{"id":"eccf2fee-3ebe-483a-83d0-4366d5937922","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":39,"box":{"x":54,"y":401,"width":575,"height":13}},{"id":"4bd29066-b833-41eb-9062-3d30b840c0df","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":39,"box":{"x":53,"y":426,"width":855,"height":11}},{"id":"114686b2-8d04-400c-af36-d1c5dfbbe234","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":39,"box":{"x":53,"y":440,"width":843,"height":11}},{"id":"52721224-0df9-46df-a6c3-a148dd2850cf","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":39,"box":{"x":53,"y":454,"width":820,"height":11}},{"id":"83363213-fea8-45ba-8e45-a072336c53bd","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":39,"box":{"x":53,"y":469,"width":801,"height":10}},{"id":"70105a6e-4fb5-41c4-8acf-939a687833b7","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":39,"box":{"x":53,"y":483,"width":841,"height":11}},{"id":"05b86eb0-765c-4025-8f42-09a793e8803e","block_type":"box","text":"financial intermediary’s website for more information.","page_number":39,"box":{"x":52,"y":497,"width":380,"height":11}},{"id":"b07fcd0b-952f-4b1c-8182-ee026fb138c0","block_type":"box","text":"S-31","page_number":39,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"4fa1b830-049f-44ec-8f87-ef6946c70f58","block_type":"box","text":"iShares Environmental Infrastructure and","page_number":40,"box":{"x":53,"y":46,"width":581,"height":17}},{"id":"78b52925-f856-4689-ba52-5c732a9d4893","block_type":"box","text":"Industrials ETF","page_number":40,"box":{"x":54,"y":70,"width":210,"height":16}},{"id":"ed4ad556-9eeb-4099-824b-7e8bf36c4aa0","block_type":"box","text":"EFRA | Nasdaq","page_number":40,"box":{"x":54,"y":93,"width":203,"height":21}},{"id":"40864351-6970-4832-a395-b7aaf506e566","block_type":"box","text":"Investment Objective","page_number":40,"box":{"x":54,"y":132,"width":191,"height":14}},{"id":"ae6b4860-b292-4849-88e5-8a4bf9fa8d34","block_type":"box","text":"The iShares Environmental Infrastructure and Industrials ETF (the “Fund”) seeks to track the investment results of an index","page_number":40,"box":{"x":52,"y":157,"width":873,"height":10}},{"id":"da1813cf-0b09-4acb-98da-293248bc14de","block_type":"box","text":"composed of U.S. and non-U.S. companies that provide infrastructure and industrials solutions aiming to support energy","page_number":40,"box":{"x":53,"y":171,"width":855,"height":11}},{"id":"d1fedc91-5bcc-48ca-8bdf-b2b03885d8f4","block_type":"box","text":"efficiency and emissions mitigation, pollution reduction or land and resource optimization.","page_number":40,"box":{"x":53,"y":186,"width":641,"height":10}},{"id":"dbfbd55e-55db-43b7-9121-4ec16ade0838","block_type":"box","text":"Fees and Expenses","page_number":40,"box":{"x":54,"y":215,"width":168,"height":13}},{"id":"d750baea-6c46-49cb-9d14-1408d033dd4f","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":40,"box":{"x":52,"y":240,"width":874,"height":11}},{"id":"7bd1aa4a-a756-4534-9bc6-fe8648c7546e","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":40,"box":{"x":53,"y":254,"width":871,"height":11}},{"id":"0ae04b03-befe-4b0a-820c-f8cbcd883556","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":40,"box":{"x":53,"y":268,"width":888,"height":11}},{"id":"5d0a30ff-4ffe-4593-a77b-414fa6079a44","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":40,"box":{"x":53,"y":282,"width":795,"height":11}},{"id":"549dec25-1714-48cb-97b0-e2f8fb45b1d8","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":40,"box":{"x":53,"y":296,"width":854,"height":11}},{"id":"35747168-dcea-4cfa-9781-864237bc44cc","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":40,"box":{"x":52,"y":311,"width":829,"height":11}},{"id":"3af78f09-a631-4cd5-a36a-ee1cb5bacf26","block_type":"box","text":"extraordinary expenses.","page_number":40,"box":{"x":53,"y":325,"width":167,"height":11}},{"id":"c06cae6c-530c-46d9-80be-afdcfd6f5339","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":40,"box":{"x":52,"y":348,"width":830,"height":11}},{"id":"12c170d2-9042-4856-86ba-d19cb4b59be0","block_type":"box","text":"reflected in the table and example below.","page_number":40,"box":{"x":53,"y":362,"width":300,"height":11}},{"id":"17814e55-d1e8-49db-ba66-69e248efd785","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":40,"box":{"x":57,"y":385,"width":761,"height":10}},{"id":"71bce7af-b083-435e-85b0-62aee43d52c0","block_type":"box","text":"1","page_number":40,"box":{"x":819,"y":384,"width":5,"height":4}},{"id":"cc0ef0f9-c1e0-438c-a348-ead6f4ea012c","block_type":"box","text":"Management Fee","page_number":40,"box":{"x":58,"y":405,"width":109,"height":10}},{"id":"b294fc73-ae76-4f0a-8423-a5fa5f85dc58","block_type":"box","text":"0.47%","page_number":40,"box":{"x":890,"y":405,"width":41,"height":8}},{"id":"c4648701-312e-4a5e-976b-f69d09d0ddc3","block_type":"box","text":"Other Expenses","page_number":40,"box":{"x":58,"y":421,"width":98,"height":9}},{"id":"c9f56438-1604-4206-b138-785864dfb171","block_type":"box","text":"0.00%","page_number":40,"box":{"x":890,"y":421,"width":41,"height":7}},{"id":"019ed611-197a-4c2b-b8bb-8eb5fe675431","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":40,"box":{"x":57,"y":436,"width":246,"height":10}},{"id":"13419302-d6c5-4c64-85f5-4387dfb3a4c3","block_type":"box","text":"0.47%","page_number":40,"box":{"x":890,"y":436,"width":41,"height":8}},{"id":"1477156a-d732-47bc-a3be-3e7bc93902b5","block_type":"box","text":"1","page_number":40,"box":{"x":80,"y":464,"width":5,"height":4}},{"id":"9a7617bc-c8eb-4ac8-a3db-7aa36fb7b975","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":40,"box":{"x":93,"y":465,"width":779,"height":10}},{"id":"43b0adc0-8d4d-4e9c-b277-c113f39ae7b7","block_type":"box","text":"Example.","page_number":40,"box":{"x":53,"y":485,"width":67,"height":10}},{"id":"62bbb3b9-5ea5-43d0-a02e-3fd50235e2d0","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":40,"box":{"x":124,"y":485,"width":795,"height":11}},{"id":"27605c98-14a3-466c-9d7e-285d415f657a","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":40,"box":{"x":53,"y":498,"width":885,"height":12}},{"id":"27e74b3f-5aaf-4d41-9a59-8da244fd565b","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":40,"box":{"x":52,"y":513,"width":871,"height":11}},{"id":"e02023af-b6ae-45ec-a9c4-e562148715e9","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":40,"box":{"x":53,"y":527,"width":887,"height":11}},{"id":"dc661465-2a2a-4aed-ba1f-e86eaf471bec","block_type":"box","text":"your costs would be:","page_number":40,"box":{"x":52,"y":542,"width":143,"height":10}},{"id":"ddd38453-7c66-4411-9a66-d12d53cd5dd2","block_type":"box","text":"Expense Example","page_number":40,"box":{"x":58,"y":564,"width":115,"height":10}},{"id":"15446ad3-56e5-4b03-83af-34eb757551e6","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":40,"box":{"x":663,"y":564,"width":280,"height":8}},{"id":"52a0240f-961a-4bd7-b115-9d5540f0242e","block_type":"box","text":"Example Fund Costs","page_number":40,"box":{"x":58,"y":580,"width":128,"height":9}},{"id":"ebf494b6-190c-4618-b2a3-0e2e5ad929c7","block_type":"box","text":"$48 $151 $263 $591","page_number":40,"box":{"x":671,"y":579,"width":260,"height":9}},{"id":"f23dba57-ea3b-4606-adbd-d0195e602e93","block_type":"box","text":"Portfolio Turnover.","page_number":40,"box":{"x":53,"y":609,"width":137,"height":9}},{"id":"2bc5384c-0958-492a-bba4-a8bc51cf3054","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":40,"box":{"x":194,"y":609,"width":722,"height":11}},{"id":"f1076d0c-f942-4ff1-ae86-06b0edd6ee88","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":40,"box":{"x":53,"y":623,"width":883,"height":11}},{"id":"f431eb00-6bc0-4367-bdb2-7f7000de05e8","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":40,"box":{"x":53,"y":637,"width":876,"height":11}},{"id":"2e580e15-2fe2-42ae-b80c-b9e45b7a9e37","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24% of","page_number":40,"box":{"x":52,"y":652,"width":886,"height":10}},{"id":"bda7fe1b-813e-46b4-be96-bb56cb0432b6","block_type":"box","text":"the average value of its portfolio.","page_number":40,"box":{"x":52,"y":666,"width":231,"height":11}},{"id":"f10bd3ac-475a-49d2-a658-ef7cf398a83a","block_type":"box","text":"Principal Investment Strategies","page_number":40,"box":{"x":54,"y":695,"width":284,"height":13}},{"id":"efd81907-a00b-4504-84cd-dab025b1632d","block_type":"box","text":"The Fund seeks to track the investment results of the FTSE Green Revenues Select Infrastructure and Industrials Index (the","page_number":40,"box":{"x":52,"y":720,"width":871,"height":9}},{"id":"f7310249-b523-4873-bb22-93d56e4804e3","block_type":"box","text":"“Underlying Index”), which has been developed by FTSE International Limited (the “Index Provider” or “FTSE”). The","page_number":40,"box":{"x":53,"y":734,"width":808,"height":11}},{"id":"91388076-e465-435c-af46-490927b52709","block_type":"box","text":"Underlying Index is composed of U.S. and non-U.S. equity securities selected from the FTSE Global All Cap Index (the “Parent","page_number":40,"box":{"x":53,"y":748,"width":883,"height":11}},{"id":"7b8c2c66-88b2-4679-a461-6473f2d394df","block_type":"box","text":"Index”). 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The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":42,"box":{"x":53,"y":246,"width":824,"height":11}},{"id":"1671f506-d365-4152-8f9d-f543f1ecf61f","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":42,"box":{"x":53,"y":260,"width":807,"height":11}},{"id":"aac9436e-6a07-4df0-97cb-62acd54b865c","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":42,"box":{"x":53,"y":275,"width":844,"height":10}},{"id":"34e0f007-0b2c-4e3c-a1bb-9321b4673ef4","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":42,"box":{"x":52,"y":289,"width":815,"height":11}},{"id":"eb1129b8-778e-460c-87a0-3dae2ec9491b","block_type":"box","text":"Infrastructure Companies Risk.","page_number":42,"box":{"x":53,"y":312,"width":229,"height":10}},{"id":"6f6b53aa-13e9-4d79-8238-5dd37d8adff1","block_type":"box","text":"Companies involved in infrastructure or infrastructure-related industries may be adversely","page_number":42,"box":{"x":287,"y":312,"width":641,"height":11}},{"id":"ec6804fd-d0cc-4327-8424-366c8748936e","block_type":"box","text":"affected by supply chain and distribution disruptions, business interruptions, third-party vendor risks, shifts in public and","page_number":42,"box":{"x":53,"y":326,"width":859,"height":11}},{"id":"37f0e54e-d99f-40b3-9da5-cf26f5f88a03","block_type":"box","text":"private capital spending levels, regulations, cyber or other attacks, volatility in commodity prices and currencies, trade","page_number":42,"box":{"x":53,"y":341,"width":833,"height":10}},{"id":"b1e5698c-6b60-44ea-9315-8b23ad00bcc3","block_type":"box","text":"disputes, scarcity of materials or parts, excess capacity, and liability claims, among other things. The performance of such","page_number":42,"box":{"x":53,"y":355,"width":860,"height":10}},{"id":"87cdea9b-9075-4274-ab1a-2517db969910","block_type":"box","text":"companies also may be affected by technological developments, extreme weather or other catastrophic events, labor","page_number":42,"box":{"x":53,"y":369,"width":824,"height":11}},{"id":"415875de-598c-474d-b5a5-b508951074eb","block_type":"box","text":"relations, government spending policies, and changes in domestic and international economies.","page_number":42,"box":{"x":53,"y":383,"width":680,"height":11}},{"id":"3006935a-086f-4f2a-9850-c88cf1f78354","block_type":"box","text":"Industrial Companies Risk.","page_number":42,"box":{"x":53,"y":406,"width":197,"height":11}},{"id":"5c220845-d3ba-48a3-845b-f2b4bd4dfeb2","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":42,"box":{"x":255,"y":406,"width":685,"height":11}},{"id":"c871dcaa-d01b-49ce-b15f-97538cfd39c4","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":42,"box":{"x":53,"y":420,"width":881,"height":11}},{"id":"79f9f50d-e26a-4fc1-93ba-34b6765b2e5d","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":42,"box":{"x":53,"y":434,"width":867,"height":11}},{"id":"081b033b-cf12-4a35-a444-d4f1100a59d5","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":42,"box":{"x":53,"y":449,"width":860,"height":10}},{"id":"00f7ecee-2dbf-4059-ae88-ac85a4a93abf","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":42,"box":{"x":53,"y":463,"width":862,"height":11}},{"id":"1c6415f2-b0bd-41c3-a930-ad1828a31f11","block_type":"box","text":"ESG Risk.","page_number":42,"box":{"x":53,"y":486,"width":69,"height":8}},{"id":"a7464b61-1b35-41a0-aedf-6dd36d394f01","block_type":"box","text":"To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the","page_number":42,"box":{"x":126,"y":486,"width":809,"height":11}},{"id":"d62f6545-dc57-4442-a32c-905dac8b8256","block_type":"box","text":"types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds","page_number":42,"box":{"x":52,"y":500,"width":888,"height":11}},{"id":"d2355408-ad4d-47f4-85c3-c07cd67e442e","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing","page_number":42,"box":{"x":52,"y":514,"width":886,"height":11}},{"id":"98be751e-6aa3-4d83-89de-2ff02892364e","block_type":"box","text":"in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform","page_number":42,"box":{"x":53,"y":529,"width":851,"height":10}},{"id":"5b1ec010-8519-4644-88fb-356534bd7d4b","block_type":"box","text":"other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s","page_number":42,"box":{"x":53,"y":543,"width":841,"height":11}},{"id":"ff70133c-443e-4c87-a887-54c5638e6399","block_type":"box","text":"overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level","page_number":42,"box":{"x":53,"y":557,"width":858,"height":11}},{"id":"ec7f842a-5759-4903-a7f5-cd0d273312f2","block_type":"box","text":"ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or","page_number":42,"box":{"x":53,"y":571,"width":864,"height":11}},{"id":"f9af8707-6355-4f26-87a9-9f01169b0e0d","block_type":"box","text":"rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless","page_number":42,"box":{"x":53,"y":585,"width":857,"height":11}},{"id":"470cd1ba-cf1a-4884-bab1-9a6481d5f04a","block_type":"box","text":"remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain","page_number":42,"box":{"x":53,"y":600,"width":845,"height":10}},{"id":"7e14516e-2979-49b8-bdc0-11293cd0e3c6","block_type":"box","text":"securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or","page_number":42,"box":{"x":52,"y":614,"width":810,"height":10}},{"id":"09bb8bde-878e-480a-95c2-fcb9d3e105f2","block_type":"box","text":"constraints at all times.","page_number":42,"box":{"x":53,"y":628,"width":164,"height":8}},{"id":"0546bd1a-9683-464a-b1dc-ea7c95a2cfec","block_type":"box","text":"Equity Securities Risk.","page_number":42,"box":{"x":53,"y":651,"width":164,"height":11}},{"id":"836f1cab-9894-4733-97c8-67dd31ee120e","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":42,"box":{"x":223,"y":651,"width":709,"height":11}},{"id":"c21bfe2f-9aed-4590-b29b-716003f187fd","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":42,"box":{"x":53,"y":665,"width":889,"height":11}},{"id":"dc80c380-2e42-4197-a094-54231efc429c","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":42,"box":{"x":53,"y":679,"width":880,"height":11}},{"id":"ed6cabc4-9bb9-4542-a3d3-12c44bb7b2fd","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":42,"box":{"x":53,"y":694,"width":867,"height":10}},{"id":"63ac272c-3527-4f06-b9e8-19322bf53819","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":42,"box":{"x":53,"y":708,"width":339,"height":11}},{"id":"020e6861-216f-4c0e-bf7b-d5a77b27eb9c","block_type":"box","text":"Market Risk.","page_number":42,"box":{"x":53,"y":731,"width":91,"height":8}},{"id":"b41f79c2-f04d-41f0-9393-d8a268e2fb35","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":42,"box":{"x":148,"y":731,"width":768,"height":11}},{"id":"acde97cd-8b96-44e6-b171-69029b183db9","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":42,"box":{"x":53,"y":745,"width":882,"height":11}},{"id":"8a7a9a0b-f0e3-436f-a57a-b7c276190cd1","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":42,"box":{"x":53,"y":759,"width":858,"height":11}},{"id":"7e3af086-3528-4e5c-8114-aa344170c714","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":42,"box":{"x":53,"y":773,"width":875,"height":11}},{"id":"be83d9c6-3c4e-4cca-89c7-fe47437cc0a1","block_type":"box","text":"Fund’s NAV.","page_number":42,"box":{"x":53,"y":788,"width":82,"height":8}},{"id":"4a0cbdd0-9ea8-4f61-be98-a2d2f3544751","block_type":"box","text":"Index-Related Risk.","page_number":42,"box":{"x":53,"y":811,"width":143,"height":8}},{"id":"e53f0a6b-e5b7-4e51-9c27-25df77998a00","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":42,"box":{"x":201,"y":811,"width":742,"height":11}},{"id":"65e713d5-9e79-446c-b867-004a470795c5","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":42,"box":{"x":53,"y":825,"width":856,"height":11}},{"id":"e3a04c80-71ea-4894-8620-8cc23f4575d4","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":42,"box":{"x":53,"y":839,"width":852,"height":11}},{"id":"434946fb-6eed-4cec-a84e-9f6966c6be79","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":42,"box":{"x":53,"y":854,"width":876,"height":10}},{"id":"63f0ad07-491a-423e-a5ff-459613fec6c5","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":42,"box":{"x":52,"y":868,"width":849,"height":10}},{"id":"741694ef-68b1-4ad0-bc95-54f2dc7a7b86","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":42,"box":{"x":53,"y":882,"width":849,"height":11}},{"id":"c06be723-dd65-4c7b-8a3e-0089a3c117fd","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":42,"box":{"x":53,"y":896,"width":890,"height":11}},{"id":"a5430c2b-56db-45cd-a4b8-2a705360d8a4","block_type":"box","text":"S-34","page_number":42,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"03c55f3c-227c-48cd-b421-81d2b4462261","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":43,"box":{"x":53,"y":47,"width":853,"height":10}},{"id":"60784bed-6b4c-41b6-a764-24a65f64df37","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":43,"box":{"x":53,"y":61,"width":539,"height":10}},{"id":"5da36bb8-14d0-4d6b-8ef0-03b7ec4bb504","block_type":"box","text":"Asset Class Risk.","page_number":43,"box":{"x":52,"y":84,"width":122,"height":8}},{"id":"db8003db-9a77-4f0a-936d-41399e9ad406","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":43,"box":{"x":179,"y":84,"width":721,"height":11}},{"id":"20d0d5df-7afa-406d-95f2-cd65dafd9834","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":43,"box":{"x":53,"y":98,"width":774,"height":11}},{"id":"bedd2716-58a0-42c7-99d5-8e11276848c4","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":43,"box":{"x":52,"y":121,"width":291,"height":11}},{"id":"08a80862-c879-4bde-9fcf-45143b8cb5cd","block_type":"box","text":"From time to time, an Authorized Participant (as defined below in","page_number":43,"box":{"x":349,"y":121,"width":457,"height":11}},{"id":"3aa9f977-798e-4dee-856a-c96215bbfc70","block_type":"box","text":"Authorized","page_number":43,"box":{"x":811,"y":121,"width":76,"height":9}},{"id":"d94937a3-61b8-496c-9a01-ed1abe9c5553","block_type":"box","text":"Participant Concentration Risk","page_number":43,"box":{"x":53,"y":135,"width":214,"height":11}},{"id":"d74dc181-7a6a-4b11-b0f0-442ad96335c7","block_type":"box","text":"), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund","page_number":43,"box":{"x":267,"y":135,"width":648,"height":11}},{"id":"7558cae3-44d2-46e5-a2a1-1bd866e3084f","block_type":"box","text":"may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There","page_number":43,"box":{"x":53,"y":150,"width":866,"height":10}},{"id":"2603825d-d93b-4e32-be9a-063c934361ef","block_type":"box","text":"can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at","page_number":43,"box":{"x":53,"y":164,"width":889,"height":11}},{"id":"1ad4c01e-b910-422e-b6fd-2f053261b70e","block_type":"box","text":"such levels, which could negatively impact the Fund.","page_number":43,"box":{"x":52,"y":178,"width":371,"height":11}},{"id":"54aee9eb-d2ce-4703-8871-35bc5891acac","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":43,"box":{"x":52,"y":201,"width":318,"height":11}},{"id":"065fbe10-4cc1-408f-a273-64fac4b7db35","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":43,"box":{"x":374,"y":201,"width":531,"height":11}},{"id":"9db518f0-91d7-4cad-a2ff-522a33fee03c","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":43,"box":{"x":53,"y":215,"width":810,"height":11}},{"id":"d60ff9f6-7df7-4ab6-bbd9-9b4360dbdd76","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":43,"box":{"x":52,"y":229,"width":816,"height":11}},{"id":"a3f0f603-2c2d-4e09-9e5b-f33b0b5a37fc","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":43,"box":{"x":52,"y":244,"width":884,"height":10}},{"id":"7b4cc7de-a9e5-4683-a9e4-5128149027e1","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":43,"box":{"x":53,"y":258,"width":871,"height":11}},{"id":"dcacd6a7-bdc5-4379-8411-be3f024f6100","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":43,"box":{"x":53,"y":272,"width":846,"height":11}},{"id":"33d1766d-c1ce-4d13-8c94-d7fba93bfb3b","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":43,"box":{"x":52,"y":286,"width":881,"height":11}},{"id":"8a211848-7702-4b2b-84cc-1566e9e83a73","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":43,"box":{"x":53,"y":300,"width":853,"height":11}},{"id":"cc538735-b51d-4547-9ccb-b182e76034ca","block_type":"box","text":"halts or delisting.","page_number":43,"box":{"x":53,"y":315,"width":121,"height":10}},{"id":"400a9e98-ace4-40b3-aecd-a43f66e8bf9d","block_type":"box","text":"Concentration Risk.","page_number":43,"box":{"x":53,"y":338,"width":145,"height":8}},{"id":"34f8cf96-ffc5-4d9e-8eac-d3a139aa9ba6","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":43,"box":{"x":202,"y":338,"width":711,"height":11}},{"id":"550e4b2e-05e9-49e3-bfe7-7e2d1fa29805","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":43,"box":{"x":53,"y":352,"width":884,"height":10}},{"id":"03d6901b-a69e-4455-946b-862f66f5c97b","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":43,"box":{"x":52,"y":366,"width":887,"height":11}},{"id":"615f3faa-6eee-497b-af66-e85c7b1ccd6e","block_type":"box","text":"asset classes.","page_number":43,"box":{"x":53,"y":381,"width":95,"height":8}},{"id":"e62bae97-7d0f-4e19-857d-76729e5b0d4b","block_type":"box","text":"Currency Risk.","page_number":43,"box":{"x":53,"y":403,"width":106,"height":11}},{"id":"1c94ed06-bbe4-454a-8002-c631c92dfabf","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":43,"box":{"x":164,"y":403,"width":751,"height":11}},{"id":"2c0c940f-fdf0-4651-9650-0f4ead10db6d","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":43,"box":{"x":53,"y":418,"width":842,"height":11}},{"id":"6ae8d99d-b3e6-469f-81e0-37d6a67e730e","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":43,"box":{"x":52,"y":432,"width":854,"height":11}},{"id":"43c838fa-4791-4ada-8d01-16d3ee84dfbc","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":43,"box":{"x":53,"y":446,"width":869,"height":11}},{"id":"420f55fe-154f-4f31-8c6a-23821e68dd9b","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":43,"box":{"x":53,"y":460,"width":309,"height":11}},{"id":"102aebda-4c8f-45f6-9336-4395dfe21b7f","block_type":"box","text":"Issuer Risk.","page_number":43,"box":{"x":53,"y":483,"width":83,"height":9}},{"id":"4ca9538f-7a89-4c1f-9346-01c937023a43","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":43,"box":{"x":140,"y":483,"width":780,"height":11}},{"id":"33be317b-75dd-4ab3-b0c9-3b684f1fac24","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":43,"box":{"x":53,"y":498,"width":886,"height":10}},{"id":"039b88f6-6548-4720-8a9f-3ff05d03d3f7","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":43,"box":{"x":52,"y":512,"width":576,"height":11}},{"id":"dfd6dc13-4d82-45ad-ac40-24168152d6bd","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":43,"box":{"x":53,"y":535,"width":395,"height":11}},{"id":"dc6a2d1a-58ee-420e-97f9-8cfa2b8f2980","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":43,"box":{"x":453,"y":535,"width":410,"height":11}},{"id":"4540ace9-5f48-424b-be04-77d511522bc8","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":43,"box":{"x":53,"y":549,"width":883,"height":11}},{"id":"6bd2ea3a-267b-4243-9ade-5ddb7ee5e52d","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":43,"box":{"x":52,"y":563,"width":884,"height":11}},{"id":"c4ccfac4-5a73-4088-b7a2-9037b5e7b9c3","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":43,"box":{"x":53,"y":578,"width":872,"height":10}},{"id":"bb6c6e1a-1875-4390-b86d-5dcf20aa831f","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":43,"box":{"x":53,"y":592,"width":812,"height":11}},{"id":"ae7226a0-2b0b-40f5-811f-b39d2ff143e1","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":43,"box":{"x":53,"y":606,"width":890,"height":11}},{"id":"d330f7f4-432e-44ac-b8c9-faabeefca3ff","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":43,"box":{"x":52,"y":620,"width":891,"height":10}},{"id":"8c045d30-b5de-4c30-a7b4-ee693e85930f","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":43,"box":{"x":53,"y":634,"width":836,"height":11}},{"id":"ca2b9607-a650-430d-8ab6-a403bab5da04","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":43,"box":{"x":53,"y":648,"width":810,"height":11}},{"id":"ef0a496a-9d85-4213-bfbb-769b04ac65c5","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":43,"box":{"x":53,"y":663,"width":861,"height":10}},{"id":"81400b3b-5283-437d-881d-32aa765ca288","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":43,"box":{"x":53,"y":677,"width":875,"height":11}},{"id":"b893c206-0051-44fc-bca8-bb72a37f7ebe","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":43,"box":{"x":52,"y":691,"width":654,"height":11}},{"id":"f9cb93cd-232b-46bf-8f21-ff67daea4368","block_type":"box","text":"Management Risk.","page_number":43,"box":{"x":53,"y":714,"width":137,"height":11}},{"id":"48214723-8418-4d61-af03-bb99f5daf24e","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":43,"box":{"x":194,"y":714,"width":711,"height":11}},{"id":"e7ae66fe-b04e-4c4a-b51c-5d788564c974","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":43,"box":{"x":53,"y":728,"width":877,"height":11}},{"id":"321649cc-1e5e-4ec5-a42f-bd1bd37022e9","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":43,"box":{"x":53,"y":742,"width":859,"height":11}},{"id":"2f072b07-32d8-40f9-b5a9-4a935919617b","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":43,"box":{"x":52,"y":757,"width":848,"height":11}},{"id":"1ba938ae-dee3-4500-b177-d77d02489c21","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":43,"box":{"x":53,"y":771,"width":756,"height":11}},{"id":"fe927b23-f1cd-4121-9a6a-ede65d7502f0","block_type":"box","text":"Market Trading Risk.","page_number":43,"box":{"x":53,"y":794,"width":152,"height":11}},{"id":"22164da9-b874-4c22-b324-c079b039ee16","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":43,"box":{"x":209,"y":794,"width":694,"height":11}},{"id":"a88e40b9-4618-4bce-adf2-0d8490c1034d","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":43,"box":{"x":53,"y":808,"width":841,"height":11}},{"id":"f2882b32-d914-48d6-8ad0-85da2cf01c2f","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":43,"box":{"x":53,"y":822,"width":887,"height":11}},{"id":"7e63e69c-0cf6-4ee7-bd76-6b1378f09072","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":43,"box":{"x":52,"y":837,"width":839,"height":10}},{"id":"2ed2ecf7-2279-4420-bbc2-28b4b77e8f61","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":43,"box":{"x":53,"y":851,"width":866,"height":11}},{"id":"74c758d6-caf3-4f8b-8b85-1643a6a73d7f","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":43,"box":{"x":52,"y":865,"width":885,"height":11}},{"id":"9dbed9bb-beda-4003-8a27-d930b4bbbfb8","block_type":"box","text":"of the Fund shares.","page_number":43,"box":{"x":53,"y":879,"width":134,"height":9}},{"id":"d5121083-7535-46d4-9a72-56ea9fcfcf3d","block_type":"box","text":"S-35","page_number":43,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"a1694533-57d9-4e56-adb7-9cf582af005e","block_type":"box","text":"Materials Companies Risk.","page_number":44,"box":{"x":53,"y":46,"width":195,"height":11}},{"id":"e45d94ef-a0a6-47d2-bde4-fd4d5db501d6","block_type":"box","text":"Materials companies may be adversely affected by volatility in commodity prices, changes in","page_number":44,"box":{"x":253,"y":46,"width":653,"height":11}},{"id":"f9bfd886-dbc3-47c5-82cc-d233c5e172f4","block_type":"box","text":"exchange rates, social and political unrest, war, depletion of resources, lower demand, overproduction, litigation and","page_number":44,"box":{"x":53,"y":61,"width":819,"height":10}},{"id":"55cfce54-07dc-4176-a215-f6640805802c","block_type":"box","text":"government regulations, among other factors.","page_number":44,"box":{"x":53,"y":75,"width":325,"height":11}},{"id":"3b2bbb58-d685-45a0-a224-ac761081a8f3","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":44,"box":{"x":53,"y":98,"width":264,"height":10}},{"id":"4987cc2f-6cbe-44ac-a664-fc3a40faf7c9","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":44,"box":{"x":323,"y":98,"width":590,"height":11}},{"id":"dff816a4-4e0d-499b-a09d-e8c81dc20055","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":44,"box":{"x":53,"y":112,"width":846,"height":11}},{"id":"cf70aaba-b4d5-416f-be06-06aca03276b8","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":44,"box":{"x":52,"y":126,"width":875,"height":11}},{"id":"c765b8ef-3e0a-47c7-b8d5-a5aae0052133","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":44,"box":{"x":52,"y":141,"width":529,"height":10}},{"id":"788f87eb-fd08-47f7-92b9-ed58c6bb6969","block_type":"box","text":"National Closed Market Trading Risk.","page_number":44,"box":{"x":53,"y":164,"width":273,"height":11}},{"id":"3fa771d7-9f11-4cbb-8ce2-ad694485afc6","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":44,"box":{"x":330,"y":164,"width":544,"height":11}},{"id":"f43cd6e7-7a61-4c59-b74a-2b54beeab7fb","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":44,"box":{"x":53,"y":178,"width":874,"height":11}},{"id":"7fb19358-be2b-4c5d-a86c-d51d03f8040b","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":44,"box":{"x":52,"y":192,"width":651,"height":11}},{"id":"4b3515b0-9a6e-4898-9e01-94dd9c2f4ddd","block_type":"box","text":"i.e","page_number":44,"box":{"x":704,"y":192,"width":15,"height":9}},{"id":"56cc2e2e-0b24-4633-9839-ed331b449623","block_type":"box","text":"., the quote from the closed","page_number":44,"box":{"x":720,"y":192,"width":191,"height":11}},{"id":"9e720fde-aad1-4507-86ad-70950fd3bc36","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":44,"box":{"x":52,"y":206,"width":880,"height":11}},{"id":"ce617b65-ee7a-4595-84ab-535324aa4a52","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":44,"box":{"x":52,"y":220,"width":849,"height":11}},{"id":"5393e96a-ce2e-454f-a2da-92765a71875e","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":44,"box":{"x":53,"y":235,"width":850,"height":10}},{"id":"3c6ec4f7-906b-48c6-a25f-22b5d91800d5","block_type":"box","text":"funds.","page_number":44,"box":{"x":52,"y":249,"width":44,"height":8}},{"id":"b0c5beb4-fab5-44de-a7e6-fec637cf6670","block_type":"box","text":"Non-Diversification Risk.","page_number":44,"box":{"x":53,"y":272,"width":184,"height":8}},{"id":"e169f5e6-75ba-4a09-8795-e73578a083a4","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":44,"box":{"x":242,"y":272,"width":633,"height":11}},{"id":"3845b8bb-5270-431a-8df5-a1ed1c751187","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":44,"box":{"x":53,"y":286,"width":802,"height":11}},{"id":"c8ad5c09-d4b9-47ea-8fa1-0935705ed198","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":44,"box":{"x":53,"y":300,"width":888,"height":11}},{"id":"14b366c4-7764-4cd5-bbda-38264d12763f","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":44,"box":{"x":53,"y":315,"width":876,"height":10}},{"id":"4a115cc8-32c5-412e-b0fa-f2f12db96344","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":44,"box":{"x":53,"y":329,"width":696,"height":11}},{"id":"075ee3a5-e655-40b7-8924-1e8fa3dc259f","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":44,"box":{"x":53,"y":352,"width":182,"height":8}},{"id":"873ecbd8-05aa-48cc-b5ff-c6f91d515d7c","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":44,"box":{"x":240,"y":352,"width":687,"height":11}},{"id":"069cb09b-2880-4251-ba62-8ac49646a9cd","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":44,"box":{"x":53,"y":366,"width":853,"height":11}},{"id":"768db542-0a62-4615-ab76-a7f47c0b4a44","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":44,"box":{"x":52,"y":380,"width":847,"height":11}},{"id":"b399657a-2743-414b-952c-c3a40b221d63","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":44,"box":{"x":53,"y":394,"width":889,"height":11}},{"id":"d51e772a-71b1-411f-b0fb-e664d88ef2be","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":44,"box":{"x":53,"y":409,"width":842,"height":10}},{"id":"889c7fa5-21da-4781-b6f4-6675aa7ed6c0","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":44,"box":{"x":53,"y":423,"width":831,"height":11}},{"id":"7b6e8eb4-4d69-488e-a819-0fa1693cf2ee","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":44,"box":{"x":53,"y":437,"width":821,"height":11}},{"id":"c8f3252f-498a-49a4-a4b6-c2fbc2fa3d49","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":44,"box":{"x":53,"y":451,"width":871,"height":11}},{"id":"bc7a2d4f-c728-424b-b6d8-dba6d5c42176","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":44,"box":{"x":53,"y":465,"width":289,"height":11}},{"id":"4bb5e6f6-7483-43f8-b60d-04459493463b","block_type":"box","text":"European Economic Risk","page_number":44,"box":{"x":348,"y":465,"width":183,"height":11}},{"id":"82cc9721-3472-45c9-9283-625a89b4e58e","block_type":"box","text":".","page_number":44,"box":{"x":532,"y":472,"width":1,"height":2}},{"id":"d36d11e9-65b8-4e0a-846a-4823a55adab9","block_type":"box","text":"Operational and Technology Risks.","page_number":44,"box":{"x":53,"y":489,"width":254,"height":10}},{"id":"f5d87da9-e3b3-487f-b2bd-358427c2feed","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":44,"box":{"x":312,"y":489,"width":581,"height":10}},{"id":"4372315e-7eaf-4e2e-b0b1-8ad7d2ee9be7","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":44,"box":{"x":53,"y":503,"width":876,"height":11}},{"id":"bf3bccbd-5b35-4c75-abec-79c9879245d1","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":44,"box":{"x":53,"y":517,"width":879,"height":11}},{"id":"36f3aeca-d0a7-4b0b-aeba-e986c843abb2","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":44,"box":{"x":53,"y":531,"width":825,"height":11}},{"id":"30939262-a56a-4daf-85e7-8474f89d50ff","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":44,"box":{"x":53,"y":545,"width":862,"height":11}},{"id":"ed26662e-0884-4add-bb2c-c9092c8746f4","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":44,"box":{"x":53,"y":559,"width":872,"height":11}},{"id":"15ea8e3c-9e2b-4255-b746-6ebc1c814a7d","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":44,"box":{"x":53,"y":574,"width":824,"height":10}},{"id":"ec2e470e-8e39-458e-b37d-77dd837ac95f","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":44,"box":{"x":53,"y":597,"width":253,"height":11}},{"id":"b3baa997-381f-4839-9c61-40d5c14b1c3c","block_type":"box","text":"The Fund invests in countries or regions whose economies are heavily dependent upon","page_number":44,"box":{"x":310,"y":597,"width":614,"height":11}},{"id":"4f630467-e0b2-4116-aa0c-c824160104cd","block_type":"box","text":"trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its","page_number":44,"box":{"x":52,"y":611,"width":871,"height":11}},{"id":"c85ad79a-9ecd-4b24-a324-66072c3945e4","block_type":"box","text":"holdings of securities of certain issuers, the Fund is specifically exposed to","page_number":44,"box":{"x":53,"y":625,"width":527,"height":11}},{"id":"49a114dc-3ac6-48d0-9b21-a43d4f7fe246","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":44,"box":{"x":584,"y":625,"width":346,"height":11}},{"id":"d787dbf3-d0ca-4e20-92e4-0c300229480c","block_type":"box","text":"and","page_number":44,"box":{"x":53,"y":640,"width":25,"height":8}},{"id":"6284c737-984b-4457-acb5-02d7c3c2bf5d","block_type":"box","text":"U.S. Economic Risk.","page_number":44,"box":{"x":84,"y":639,"width":143,"height":9}},{"id":"31b97540-4b14-4891-8cdd-87f63f9070eb","block_type":"box","text":"Risk of Investing in China.","page_number":44,"box":{"x":53,"y":662,"width":191,"height":12}},{"id":"6dd61a11-493d-41e2-8ccd-759ca2e242da","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":44,"box":{"x":250,"y":663,"width":678,"height":10}},{"id":"331918fc-5a62-4d95-a5ec-cab3129c83ca","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":44,"box":{"x":53,"y":677,"width":819,"height":11}},{"id":"1f454071-3cbb-4a85-8511-1764628eca1e","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":44,"box":{"x":53,"y":691,"width":866,"height":11}},{"id":"af62d89a-71b2-410d-889c-5f8ec4657fce","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":44,"box":{"x":53,"y":705,"width":866,"height":11}},{"id":"f533d924-a333-4d44-baf2-3868492540a9","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":44,"box":{"x":52,"y":719,"width":841,"height":11}},{"id":"b7453324-d881-464c-8628-ff9f8c330667","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":44,"box":{"x":53,"y":734,"width":864,"height":10}},{"id":"ca126f6e-3792-481a-95af-fc3ae503280c","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":44,"box":{"x":52,"y":748,"width":861,"height":11}},{"id":"3c3e76a0-233c-4c5b-985f-da9c76206c06","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":44,"box":{"x":53,"y":762,"width":869,"height":11}},{"id":"3a10c9b4-829d-4a58-b153-166e2d5f5c3b","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":44,"box":{"x":53,"y":776,"width":783,"height":11}},{"id":"b7d40ec7-612d-437b-a6bf-09a9305526de","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":44,"box":{"x":53,"y":799,"width":887,"height":11}},{"id":"f611b472-d89b-441a-b333-bf850758770b","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":44,"box":{"x":52,"y":813,"width":834,"height":11}},{"id":"7f3b0677-a079-48c5-99e6-642c439e9232","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":44,"box":{"x":52,"y":828,"width":845,"height":10}},{"id":"116fbb52-3b43-44a8-9448-5aeec9031400","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":44,"box":{"x":53,"y":842,"width":876,"height":11}},{"id":"73600c0f-1454-435b-8c9d-c9b6fadedf07","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":44,"box":{"x":53,"y":856,"width":834,"height":11}},{"id":"527e452b-2562-473b-8397-6e1763725754","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":44,"box":{"x":53,"y":870,"width":421,"height":11}},{"id":"5edbaada-406d-4432-9808-7174211d72aa","block_type":"box","text":"S-36","page_number":44,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"127c2695-5cc1-4e83-83d7-edd4ad765430","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":45,"box":{"x":52,"y":46,"width":849,"height":11}},{"id":"e1a55bbd-7370-4a04-bc39-4003f0f55066","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":45,"box":{"x":53,"y":61,"width":886,"height":10}},{"id":"35a9fcd4-0ad7-4a72-8fca-ce0575be4f8b","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":45,"box":{"x":53,"y":75,"width":878,"height":11}},{"id":"4986856c-2476-4df8-b18e-372d4fb1213e","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":45,"box":{"x":53,"y":89,"width":874,"height":11}},{"id":"584d50dd-0e1d-4095-8c86-77034b687799","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":45,"box":{"x":53,"y":103,"width":878,"height":11}},{"id":"0bae3584-9e42-42ac-86e9-990d3d90bc04","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":45,"box":{"x":53,"y":117,"width":807,"height":11}},{"id":"afbdafb1-b10d-4227-85d6-8a98ce779e52","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":45,"box":{"x":53,"y":132,"width":890,"height":10}},{"id":"e4b33264-bdb9-408a-9298-dc556388d1e1","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":45,"box":{"x":52,"y":146,"width":471,"height":11}},{"id":"2f9584b6-5799-417f-bf79-bcb069d829c0","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":45,"box":{"x":53,"y":169,"width":883,"height":11}},{"id":"2f730673-bab2-4456-b1c0-8db66c4a6d50","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":45,"box":{"x":53,"y":183,"width":850,"height":11}},{"id":"c10cd4ce-cd55-4cad-9eed-e38127e7aa58","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":45,"box":{"x":53,"y":197,"width":861,"height":11}},{"id":"a958db5b-2a6b-4467-85d1-8275c5ec5f2a","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":45,"box":{"x":53,"y":211,"width":850,"height":11}},{"id":"551cf9ac-31c9-4289-bda6-725c509d14f9","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":45,"box":{"x":53,"y":226,"width":883,"height":10}},{"id":"b8cb0177-ae66-4ba3-a39e-c71306158c94","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":45,"box":{"x":52,"y":240,"width":860,"height":11}},{"id":"0551a14d-2751-4ee2-8042-6f866e1faa67","block_type":"box","text":"have limited legal remedies.","page_number":45,"box":{"x":53,"y":254,"width":196,"height":11}},{"id":"63e6339f-7400-499e-b889-35b2f3b65778","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":45,"box":{"x":53,"y":277,"width":845,"height":11}},{"id":"92e18e0c-d14f-402c-8096-85257f25551a","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":45,"box":{"x":52,"y":291,"width":836,"height":11}},{"id":"bc8def7f-f97a-4f51-961f-6b1c0e8f6abc","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":45,"box":{"x":53,"y":306,"width":851,"height":10}},{"id":"7f1a50ea-e5d7-4ea5-be57-55ea508e9a94","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":45,"box":{"x":52,"y":320,"width":779,"height":10}},{"id":"0d50fd06-cfed-48c2-94c8-9b098cd6e3bc","block_type":"box","text":"considerations.","page_number":45,"box":{"x":53,"y":334,"width":107,"height":8}},{"id":"ff3f9d57-6c6f-4c90-add1-ac90e8ded24e","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":45,"box":{"x":53,"y":357,"width":302,"height":11}},{"id":"b0f851b7-83e4-4705-8500-1f3530a911f7","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":45,"box":{"x":359,"y":357,"width":581,"height":11}},{"id":"fe472e73-85d9-4495-a67d-f1fdc33dda79","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":45,"box":{"x":53,"y":371,"width":868,"height":11}},{"id":"5e4a7dc1-a56e-4e37-9fd5-b32655c1298e","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":45,"box":{"x":52,"y":385,"width":871,"height":11}},{"id":"8f020711-05b8-40c0-ab73-f35c8e00ff31","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":45,"box":{"x":52,"y":400,"width":875,"height":10}},{"id":"eade45cd-5cc8-4785-8635-9c30f77f7cd8","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":45,"box":{"x":52,"y":414,"width":877,"height":11}},{"id":"a713c905-f8e0-467a-a394-f4e1e9058b41","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":45,"box":{"x":53,"y":428,"width":887,"height":11}},{"id":"a539e9ae-31a4-4a4a-ac35-efb5719aaa95","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":45,"box":{"x":53,"y":442,"width":836,"height":11}},{"id":"a9affd38-5982-4181-8fa9-488ec326aa15","block_type":"box","text":"availability of certain commodities.","page_number":45,"box":{"x":53,"y":456,"width":246,"height":11}},{"id":"e1aee2f4-6455-4aed-979a-364ef922587a","block_type":"box","text":"Risk of Investing in Infrastructure and Industrials Solutions Companies.","page_number":45,"box":{"x":53,"y":479,"width":528,"height":11}},{"id":"96313e3c-c811-4810-8c2e-b74d249e0508","block_type":"box","text":"Companies that provide infrastructure and","page_number":45,"box":{"x":586,"y":480,"width":301,"height":10}},{"id":"8100ae50-ba82-4108-88b6-f493ea18f7b0","block_type":"box","text":"industrials solutions follow certain environmentally-related themes and include companies from the basic materials,","page_number":45,"box":{"x":53,"y":494,"width":825,"height":11}},{"id":"e63f336a-353b-4128-afc0-528ec1fee09b","block_type":"box","text":"industrials, and utilities industries. These companies may be subject to a variety of factors that could adversely affect their","page_number":45,"box":{"x":53,"y":508,"width":864,"height":11}},{"id":"c0349792-7a31-42b2-b609-0388c531c843","block_type":"box","text":"business or operations, including the effects of climate change, high costs to develop or deploy products or services, costs","page_number":45,"box":{"x":53,"y":522,"width":863,"height":11}},{"id":"fc824c7e-791b-4a0c-b0f7-8d72a48a966b","block_type":"box","text":"associated with governmental, environmental and other regulations, the levels of government and private spending on","page_number":45,"box":{"x":53,"y":536,"width":837,"height":11}},{"id":"7dc933ad-a2a6-4c41-86c9-1a242c5af491","block_type":"box","text":"environmental and infrastructure projects, and other factors. In addition, such companies may not derive their revenues","page_number":45,"box":{"x":53,"y":550,"width":847,"height":11}},{"id":"03dc0e91-4f92-4d14-89d7-7c8b8dea0ff9","block_type":"box","text":"entirely from providing infrastructure and industrials solutions, but may be exposed to the market and business risks of other","page_number":45,"box":{"x":53,"y":565,"width":885,"height":10}},{"id":"170a4ef2-09a0-4c14-8b39-23eb093c021e","block_type":"box","text":"business models, industries or sectors, and the Fund may be adversely affected by negative developments impacting those","page_number":45,"box":{"x":53,"y":579,"width":869,"height":11}},{"id":"c9acaf7a-50fc-44d0-821f-369139ceb3d6","block_type":"box","text":"other business models, industries and sectors.","page_number":45,"box":{"x":53,"y":593,"width":327,"height":10}},{"id":"fec67aec-b798-4775-ad1a-efec05d61226","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":45,"box":{"x":53,"y":616,"width":241,"height":11}},{"id":"3e44f2b6-8a4b-4043-9059-8ad34619efed","block_type":"box","text":"Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency,","page_number":45,"box":{"x":300,"y":616,"width":642,"height":11}},{"id":"8585c735-35b6-4c32-88e8-40cc531eafd4","block_type":"box","text":"security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum","page_number":45,"box":{"x":52,"y":630,"width":837,"height":11}},{"id":"80249bc0-eeca-4486-a24b-40763d4b335c","block_type":"box","text":"exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in","page_number":45,"box":{"x":53,"y":645,"width":887,"height":10}},{"id":"c0c708b8-0cf0-4073-8562-648b671c73d3","block_type":"box","text":"the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":45,"box":{"x":52,"y":659,"width":876,"height":11}},{"id":"5fdce5a1-b2e9-4658-915a-9fb5252ab2ed","block_type":"box","text":"developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include,","page_number":45,"box":{"x":53,"y":673,"width":861,"height":11}},{"id":"6aae8bbf-eb65-4f1d-b592-bb6e4b745b16","block_type":"box","text":"among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in","page_number":45,"box":{"x":53,"y":687,"width":795,"height":11}},{"id":"7e93dfe6-13d9-4b87-9dd7-5a8677b661b6","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in","page_number":45,"box":{"x":53,"y":701,"width":816,"height":11}},{"id":"7302de6c-e1b8-4a18-84c4-e1ab04f910a6","block_type":"box","text":"governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic","page_number":45,"box":{"x":53,"y":715,"width":859,"height":11}},{"id":"99780d88-056a-4164-8630-c5ff75fec799","block_type":"box","text":"unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of","page_number":45,"box":{"x":53,"y":730,"width":887,"height":10}},{"id":"83baeda9-eed4-44ef-8975-edbc4359fb33","block_type":"box","text":"political stability in Saudi Arabia.","page_number":45,"box":{"x":53,"y":744,"width":230,"height":11}},{"id":"b234da77-3981-4c0a-aacb-f35035f5bd04","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian","page_number":45,"box":{"x":52,"y":767,"width":885,"height":11}},{"id":"8248627f-22cf-4488-b2e2-34c97bb40c2a","block_type":"box","text":"government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There","page_number":45,"box":{"x":53,"y":781,"width":865,"height":11}},{"id":"82f57370-05a9-4768-a6db-a96e46a280fd","block_type":"box","text":"are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to","page_number":45,"box":{"x":53,"y":795,"width":881,"height":11}},{"id":"2f94a782-dfc6-4ffc-bfb9-7fe882e3a67a","block_type":"box","text":"transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited","page_number":45,"box":{"x":52,"y":810,"width":875,"height":10}},{"id":"be797dfb-2b5c-4e3c-aa4d-fec4432b7dc4","block_type":"box","text":"number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing","page_number":45,"box":{"x":53,"y":824,"width":881,"height":11}},{"id":"42b61060-f126-426c-b0bb-9dfc7051aedc","block_type":"box","text":"of Fund transactions.","page_number":45,"box":{"x":53,"y":838,"width":150,"height":8}},{"id":"6908662f-de48-466a-9877-9a6dd9849bec","block_type":"box","text":"Risk of Investing in the U.S.","page_number":45,"box":{"x":53,"y":861,"width":200,"height":11}},{"id":"cf662a41-f7a9-47e9-ae63-8be751d0040a","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":45,"box":{"x":259,"y":861,"width":663,"height":11}},{"id":"717239bc-a3c9-4722-879a-d7162f47945b","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":45,"box":{"x":53,"y":875,"width":877,"height":11}},{"id":"6a562619-2d7a-4a1e-85af-0adaa50e23a0","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":45,"box":{"x":53,"y":890,"width":470,"height":10}},{"id":"87c7ba05-6ae3-477d-b63a-66630178f67b","block_type":"box","text":"S-37","page_number":45,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"f3456b2b-6d77-4a0a-b80b-9858a5680210","block_type":"box","text":"Securities Lending Risk.","page_number":46,"box":{"x":52,"y":46,"width":178,"height":11}},{"id":"a4cef68b-4194-470e-b1ef-a22809a9da29","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":46,"box":{"x":234,"y":46,"width":692,"height":11}},{"id":"ca329130-6939-4305-8593-14a269eea878","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":46,"box":{"x":53,"y":61,"width":870,"height":10}},{"id":"a5937651-fda2-4e07-8a9c-d9d454881f45","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":46,"box":{"x":53,"y":75,"width":886,"height":11}},{"id":"b5642bb2-11ea-4f91-9dbd-fae84f80efec","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":46,"box":{"x":53,"y":89,"width":831,"height":11}},{"id":"ddb25550-6adc-4e8f-add2-d6517b9918a2","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":46,"box":{"x":52,"y":112,"width":278,"height":11}},{"id":"f36efd2e-26fe-4442-b5f9-1c34b328103b","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":46,"box":{"x":336,"y":112,"width":532,"height":11}},{"id":"d988ad12-8c0b-4ea6-9dcb-72b7be9f6819","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":46,"box":{"x":53,"y":126,"width":817,"height":11}},{"id":"b7eb3903-39c3-4fdc-a744-f3a35d12533e","block_type":"box","text":"companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s","page_number":46,"box":{"x":53,"y":140,"width":887,"height":11}},{"id":"65437adc-0e9a-45b7-bfbb-ca7e03c66ef7","block_type":"box","text":"share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.","page_number":46,"box":{"x":52,"y":155,"width":818,"height":11}},{"id":"bc836163-e466-4366-a7ca-e99d61e98a80","block_type":"box","text":"Small Fund Risk.","page_number":46,"box":{"x":52,"y":178,"width":122,"height":8}},{"id":"544c5c2c-1c10-40be-b246-7c6ac6e18b37","block_type":"box","text":"When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The","page_number":46,"box":{"x":178,"y":178,"width":751,"height":11}},{"id":"a92add61-2ef8-47ae-84a0-87783477e5da","block_type":"box","text":"Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset","page_number":46,"box":{"x":53,"y":192,"width":869,"height":11}},{"id":"1956b478-e210-47a1-b9c5-8b68c83db6c6","block_type":"box","text":"base. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by the listing","page_number":46,"box":{"x":53,"y":206,"width":837,"height":11}},{"id":"22790d40-ed81-47db-bdc6-2679c917ea52","block_type":"box","text":"exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax","page_number":46,"box":{"x":53,"y":220,"width":832,"height":11}},{"id":"9b693a45-78ad-418c-90b1-1e57347e0069","block_type":"box","text":"consequences for its shareholders.","page_number":46,"box":{"x":53,"y":235,"width":246,"height":10}},{"id":"5025f5fb-491f-44d1-957f-066b35bee07a","block_type":"box","text":"Thematic Investing Risk.","page_number":46,"box":{"x":52,"y":258,"width":182,"height":11}},{"id":"7f190277-76eb-4c8f-afbc-47f45849bf4c","block_type":"box","text":"The Fund relies on the Index Provider to identify securities that reflect the relevant themes and","page_number":46,"box":{"x":238,"y":258,"width":668,"height":11}},{"id":"34cb99f9-5514-4682-84e8-50c83001f986","block_type":"box","text":"sub-themes for inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the","page_number":46,"box":{"x":52,"y":272,"width":882,"height":11}},{"id":"d720e4f9-6f48-4400-9464-4a39b7384501","block_type":"box","text":"intended theme and sub-theme exposures. The Fund’s performance may suffer if such securities are not correctly identified,","page_number":46,"box":{"x":53,"y":286,"width":878,"height":11}},{"id":"09685a00-a11c-42e3-b2ab-3919b27ea46e","block_type":"box","text":"if a theme or sub-theme develops in an unexpected manner, or if securities in the Underlying Index do not benefit from the","page_number":46,"box":{"x":53,"y":300,"width":864,"height":11}},{"id":"0c9ef6bc-740e-478e-b1be-a97b749c8588","block_type":"box","text":"development of a theme or sub-theme. The Fund’s performance may also be impacted if securities that are not related to the","page_number":46,"box":{"x":53,"y":314,"width":879,"height":11}},{"id":"56df75d5-6433-4fd1-9c77-47da18004794","block_type":"box","text":"theme or sub-theme are included in the Underlying Index.","page_number":46,"box":{"x":52,"y":329,"width":410,"height":11}},{"id":"26cb5899-07a5-48d0-8fb9-6ef853cbde93","block_type":"box","text":"Tracking Error Risk.","page_number":46,"box":{"x":52,"y":352,"width":145,"height":11}},{"id":"d97c20e7-e8ab-4942-8858-0e7509c14368","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":46,"box":{"x":201,"y":352,"width":741,"height":11}},{"id":"76d3decb-fc4d-48cc-9906-8f2396ce2141","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":46,"box":{"x":53,"y":366,"width":861,"height":11}},{"id":"109964d7-3bd2-4461-9070-099081b1e724","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":46,"box":{"x":53,"y":380,"width":832,"height":11}},{"id":"c41c654c-173a-4a81-a0fb-32f2a5a04f16","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":46,"box":{"x":53,"y":395,"width":880,"height":10}},{"id":"cd19f043-1027-45e1-af52-2fc0a91638df","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":46,"box":{"x":53,"y":409,"width":831,"height":10}},{"id":"bff58cac-cb5f-4f45-97f5-5914bdc205fb","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":46,"box":{"x":52,"y":423,"width":828,"height":11}},{"id":"90126ec7-7a5b-4532-9d45-fe677c493c6c","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":46,"box":{"x":53,"y":437,"width":873,"height":11}},{"id":"f95e7647-6ef7-43e5-b8b8-970525fa3e62","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":46,"box":{"x":53,"y":451,"width":889,"height":11}},{"id":"02501409-9c2a-48a6-ac6f-071b68495466","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":46,"box":{"x":53,"y":465,"width":852,"height":11}},{"id":"e1531d51-716a-4752-a647-0f01b1011e5b","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":46,"box":{"x":53,"y":480,"width":886,"height":10}},{"id":"1c9b5acc-1c4d-4b5c-bba6-5788c6a23b8c","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":46,"box":{"x":53,"y":494,"width":873,"height":11}},{"id":"5ffc2407-d47f-4554-9375-8252f2c4b924","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. Until the Fund reaches","page_number":46,"box":{"x":53,"y":508,"width":890,"height":11}},{"id":"fec97e9e-3a24-4abe-835e-1fd5a78aeaba","block_type":"box","text":"greater scale, it may experience higher tracking error than is typical for similar index ETFs. A Fund that tracks an index with","page_number":46,"box":{"x":53,"y":522,"width":866,"height":11}},{"id":"9181ee5a-63dd-4fe5-98ef-9c7b7d580a6a","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":46,"box":{"x":53,"y":536,"width":763,"height":11}},{"id":"596c0fac-fb2b-42c1-a564-7fc7cff43fd0","block_type":"box","text":"Utility Companies Risk.","page_number":46,"box":{"x":53,"y":559,"width":170,"height":11}},{"id":"d5926b44-066f-47ca-93d0-1de1aeb23d7c","block_type":"box","text":"The utilities sector is generally subject to significant government regulation and oversight, including","page_number":46,"box":{"x":228,"y":559,"width":710,"height":11}},{"id":"116352cb-07bd-4090-9316-8c3bf8e8c152","block_type":"box","text":"restrictions on rates as well as environmental and other regulations. 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The price received by the Fund also may differ","page_number":46,"box":{"x":52,"y":654,"width":869,"height":10}},{"id":"bb510b1c-dc37-4c0e-b76d-88e07aa40627","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":46,"box":{"x":52,"y":668,"width":889,"height":11}},{"id":"d7f5b0da-27e5-4ae4-8356-44177d0da865","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":46,"box":{"x":53,"y":682,"width":871,"height":11}},{"id":"74854935-52ea-4ade-bbbc-0f9ff3b70384","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":46,"box":{"x":52,"y":696,"width":879,"height":11}},{"id":"0b01e58e-0844-4878-9553-3a9bc802e2a2","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":46,"box":{"x":53,"y":711,"width":880,"height":10}},{"id":"4e7606a1-23e1-475f-ac60-c9e94c61da1a","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":46,"box":{"x":53,"y":724,"width":816,"height":11}},{"id":"6e055e65-e02b-4166-958c-f154508e0c43","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":46,"box":{"x":52,"y":739,"width":613,"height":11}},{"id":"b49a6e4a-7f4c-472a-a089-069a8c595c96","block_type":"box","text":"Performance Information","page_number":46,"box":{"x":54,"y":768,"width":228,"height":10}},{"id":"83eb3f0c-85cb-4642-8ac3-631abfc9de87","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":46,"box":{"x":52,"y":793,"width":864,"height":10}},{"id":"045e3ca3-fdaf-4e9a-890d-1a4f9e34fa9c","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":46,"box":{"x":52,"y":807,"width":872,"height":11}},{"id":"2c9a7cbd-22e3-45bd-a148-f9ef37db0795","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":46,"box":{"x":53,"y":821,"width":868,"height":11}},{"id":"a7f3e45f-baf8-461c-9542-384134d652b3","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":46,"box":{"x":53,"y":835,"width":838,"height":11}},{"id":"ae03fc3a-d749-45b0-a75b-afe941750a82","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":46,"box":{"x":53,"y":849,"width":868,"height":11}},{"id":"0ad6937a-d74a-467b-8679-61f0f6d8325b","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":46,"box":{"x":53,"y":864,"width":832,"height":11}},{"id":"8520f987-8f0d-4d63-b051-4efa324b2f9f","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":46,"box":{"x":53,"y":878,"width":842,"height":11}},{"id":"bcf73864-8bc8-49c1-9b64-17cdd9f77b62","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":46,"box":{"x":52,"y":892,"width":531,"height":11}},{"id":"5b4627bc-1b54-472f-90f0-57f8b074405c","block_type":"box","text":"S-38","page_number":46,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"a53e8ca1-8565-4b04-89de-0a52a9fee57d","block_type":"box","text":"Calendar Year-by-Year Returns 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Taxes","page_number":47,"box":{"x":58,"y":299,"width":125,"height":7}},{"id":"b1c4c7ea-1db3-4dd5-8183-84c7b4934a46","block_type":"box","text":"13.98% 12.63%","page_number":47,"box":{"x":778,"y":299,"width":156,"height":7}},{"id":"d97c4faf-d7e6-4abb-9f16-c155ba21ce2e","block_type":"box","text":"Return After Taxes on Distributions","page_number":47,"box":{"x":58,"y":310,"width":219,"height":8}},{"id":"e291dd93-cd0e-4a41-8f6d-e1167dfc02b3","block_type":"box","text":"12.92% 11.88%","page_number":47,"box":{"x":778,"y":310,"width":156,"height":8}},{"id":"415b345a-7ee0-4310-848c-45b728408b69","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 9.16% 9.90%","page_number":47,"box":{"x":58,"y":322,"width":876,"height":7}},{"id":"5b7165ed-0655-4ce3-8812-68a8cf37e79b","block_type":"box","text":"FTSE All-World Index (Net)","page_number":47,"box":{"x":58,"y":333,"width":177,"height":9}},{"id":"a9467a3d-f72f-44d1-aaee-3e09b7992548","block_type":"box","text":"1","page_number":47,"box":{"x":236,"y":332,"width":5,"height":5}},{"id":"0cbd02ab-aa9e-46d7-bfcb-283ae605ba5f","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes except for","page_number":47,"box":{"x":245,"y":333,"width":450,"height":10}},{"id":"05d43fa7-c04a-4d40-9ee1-0a83636d1518","block_type":"box","text":"withholding taxes on reinvested dividends)","page_number":47,"box":{"x":70,"y":346,"width":270,"height":10}},{"id":"2677f6c2-a416-4bda-a344-fd67bad29c0c","block_type":"box","text":"22.62% 20.74%","page_number":47,"box":{"x":778,"y":346,"width":156,"height":8}},{"id":"95da0a8b-d685-41e4-9fdf-75261b7b0f00","block_type":"box","text":"FTSE Green Revenues Select Infrastructure and Industrials Index (Net)","page_number":47,"box":{"x":58,"y":358,"width":464,"height":9}},{"id":"1997ca73-d124-4eec-9e86-e7a3587d45c8","block_type":"box","text":"1","page_number":47,"box":{"x":523,"y":357,"width":5,"height":4}},{"id":"46fcab74-4c2a-4565-91b7-26721b358717","block_type":"box","text":"(Returns do not reflect","page_number":47,"box":{"x":533,"y":358,"width":141,"height":8}},{"id":"6984387c-5ef3-422c-af6f-a7042268a261","block_type":"box","text":"deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 14.11% 12.90%","page_number":47,"box":{"x":71,"y":371,"width":863,"height":10}},{"id":"a892a065-7653-44f6-8b55-8cc7740040c3","block_type":"box","text":"1","page_number":47,"box":{"x":80,"y":390,"width":5,"height":4}},{"id":"d7ad8298-b654-4a2b-a902-88fc417decfa","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":47,"box":{"x":94,"y":391,"width":827,"height":10}},{"id":"b5c91f39-d647-460a-8e26-545a216be312","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":47,"box":{"x":93,"y":401,"width":847,"height":10}},{"id":"21dbca8a-c434-4428-99e6-b9f1925e80f7","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":47,"box":{"x":93,"y":412,"width":843,"height":9}},{"id":"7d5bf753-c645-4f04-9dc8-6b996be2b7f5","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":47,"box":{"x":92,"y":422,"width":829,"height":9}},{"id":"cf93166f-425b-44aa-87b9-1c040cd260af","block_type":"box","text":"tax rates, if any.","page_number":47,"box":{"x":92,"y":432,"width":97,"height":10}},{"id":"e9a5ddcf-575c-449f-bade-c0927c94ac5a","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":47,"box":{"x":52,"y":452,"width":857,"height":11}},{"id":"d6df969c-47bf-44ab-ac0e-ccb8746f2b95","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":47,"box":{"x":53,"y":466,"width":865,"height":11}},{"id":"13f041b6-7855-4f86-8c5e-72e4bdbb5ae7","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":47,"box":{"x":53,"y":480,"width":847,"height":11}},{"id":"4f0e5221-2b43-41db-ab04-f2cf2aebd19a","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":47,"box":{"x":52,"y":494,"width":857,"height":11}},{"id":"cb37ea1b-2856-44f7-bbdc-2e0bc7dd9228","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":47,"box":{"x":53,"y":509,"width":877,"height":10}},{"id":"e8f59445-78d0-4f25-94dd-3b39805490f9","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":47,"box":{"x":52,"y":523,"width":836,"height":11}},{"id":"e65e683d-a802-4374-a991-dd01987472a5","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":47,"box":{"x":53,"y":537,"width":886,"height":11}},{"id":"da23d756-8f8d-49fa-9cbb-a52dfe9064a9","block_type":"box","text":"on distributions.","page_number":47,"box":{"x":53,"y":551,"width":114,"height":9}},{"id":"9c6a50ed-fc05-492f-a5b3-688768c32b6d","block_type":"box","text":"Management","page_number":47,"box":{"x":54,"y":580,"width":119,"height":14}},{"id":"04bd5c54-01b9-4b44-9d43-31129cc837b0","block_type":"box","text":"Investment Adviser.","page_number":47,"box":{"x":53,"y":605,"width":145,"height":9}},{"id":"14523db9-7b9c-4490-869b-c37c85d879dd","block_type":"box","text":"BlackRock Fund Advisors.","page_number":47,"box":{"x":204,"y":605,"width":180,"height":9}},{"id":"9e056971-39b8-4f54-8943-c1f9c9646eea","block_type":"box","text":"Portfolio Managers.","page_number":47,"box":{"x":53,"y":628,"width":146,"height":11}},{"id":"2330ecd1-a0d1-4356-b9a7-292bf1589840","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":47,"box":{"x":203,"y":628,"width":679,"height":11}},{"id":"f3d4a552-d2db-4e9e-8871-84d43275f4eb","block_type":"box","text":"management of the Fund:","page_number":47,"box":{"x":53,"y":643,"width":182,"height":10}},{"id":"6b6a2e6b-8a40-479a-a375-fbb1eee4c56a","block_type":"box","text":"Portfolio Manager","page_number":47,"box":{"x":58,"y":678,"width":119,"height":10}},{"id":"ad0d2795-e02d-4eaa-b1cb-dcb47d2eeecf","block_type":"box","text":"Portfolio Manager of the","page_number":47,"box":{"x":411,"y":665,"width":160,"height":10}},{"id":"5868aa98-03b4-400f-b88e-9bea7b44cbae","block_type":"box","text":"Fund Since","page_number":47,"box":{"x":455,"y":678,"width":72,"height":8}},{"id":"8570f91d-84b9-44eb-861a-d400d96b9e54","block_type":"box","text":"Title with Investment","page_number":47,"box":{"x":804,"y":665,"width":140,"height":8}},{"id":"f564f535-abba-4b2c-9c48-5df06553c3fe","block_type":"box","text":"Adviser","page_number":47,"box":{"x":849,"y":678,"width":49,"height":8}},{"id":"bd461a75-cee4-45b5-92ad-3dc03117b072","block_type":"box","text":"Jennifer Hsui 2022 Managing Director","page_number":47,"box":{"x":57,"y":694,"width":876,"height":9}},{"id":"6b46c494-a050-4dc7-b31f-85200fc194c5","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":47,"box":{"x":58,"y":709,"width":875,"height":10}},{"id":"31ddc0d1-9055-43e2-9874-7e2333abf815","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":47,"box":{"x":58,"y":725,"width":875,"height":9}},{"id":"2da30e13-2f87-4f34-bce1-0ccc26c32cd5","block_type":"box","text":"Steven White 2025 Managing Director","page_number":47,"box":{"x":57,"y":740,"width":876,"height":10}},{"id":"e2cc8a31-60c1-46ca-849f-46aea8d14005","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":47,"box":{"x":54,"y":775,"width":304,"height":11}},{"id":"3e240a02-3da4-4186-a4e3-924d9c826d8f","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":47,"box":{"x":52,"y":800,"width":878,"height":11}},{"id":"e9ade116-d953-4069-94f9-684cbfc525a3","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":47,"box":{"x":53,"y":815,"width":855,"height":11}},{"id":"7961d8b5-2456-40df-bf37-c05024f09005","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":47,"box":{"x":52,"y":829,"width":817,"height":11}},{"id":"dbcb6f3c-72da-4c6e-ac1a-eb65c29c33e0","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":47,"box":{"x":53,"y":843,"width":878,"height":11}},{"id":"3e74c20a-92d5-4d1e-8d7a-9600edb0fdbe","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":47,"box":{"x":53,"y":857,"width":861,"height":11}},{"id":"7ee73930-0226-448d-a7ba-b39c065006bf","block_type":"box","text":"(the “bid-ask spread”).","page_number":47,"box":{"x":53,"y":871,"width":156,"height":11}},{"id":"d8af3d76-4a65-432b-adf0-2fef3acdf0bb","block_type":"box","text":"S-39","page_number":47,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"cc89099a-ef34-48c4-b508-7359b9e5144e","block_type":"box","text":"Tax Information","page_number":48,"box":{"x":52,"y":46,"width":144,"height":10}},{"id":"7008dfc7-5e39-418c-a793-9d74dd0a870e","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":48,"box":{"x":52,"y":71,"width":831,"height":11}},{"id":"d5a02316-4f08-4638-8432-fc4625b30bd0","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":48,"box":{"x":53,"y":85,"width":883,"height":11}},{"id":"d6095194-49cd-4694-bc26-cdaa05ec483f","block_type":"box","text":"be taxed when withdrawn.","page_number":48,"box":{"x":53,"y":99,"width":182,"height":9}},{"id":"5b88fb49-8e75-4d57-8844-7c34c74e7b7f","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":48,"box":{"x":54,"y":128,"width":575,"height":14}},{"id":"6875a6dd-dca4-4951-895d-f05fd1ae49a1","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":48,"box":{"x":53,"y":153,"width":855,"height":11}},{"id":"20c02fe4-109e-4a3c-9461-c987a98fd4ca","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":48,"box":{"x":53,"y":168,"width":843,"height":10}},{"id":"a3173ff3-e68b-4c79-855e-dae118615315","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":48,"box":{"x":53,"y":182,"width":820,"height":11}},{"id":"b6a4dd11-94ac-443d-9c43-62dea7364292","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":48,"box":{"x":53,"y":196,"width":801,"height":11}},{"id":"e5e73550-2f6a-4539-a4b2-85abfe411d8f","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":48,"box":{"x":53,"y":210,"width":841,"height":11}},{"id":"9d97096f-0b37-4d44-8bfe-a745efbe73dc","block_type":"box","text":"financial intermediary’s website for more information.","page_number":48,"box":{"x":52,"y":224,"width":380,"height":11}},{"id":"3bab3ce7-bbe7-446c-8dd8-823e8c8632cf","block_type":"box","text":"S-40","page_number":48,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"5044db5e-e359-43a7-82c3-552b6a4683a4","block_type":"box","text":"iShares Future AI & Tech ETF","page_number":49,"box":{"x":53,"y":47,"width":402,"height":16}},{"id":"08371ed4-8e00-4c35-b9af-f3f454486e5f","block_type":"box","text":"ARTY | NYSE Arca","page_number":49,"box":{"x":52,"y":70,"width":249,"height":18}},{"id":"87b3e9d7-cd38-4035-bc6d-cb40c55663ae","block_type":"box","text":"Investment Objective","page_number":49,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"11fea56e-6091-4a37-b4b1-57cf64a2b226","block_type":"box","text":"The iShares Future AI & Tech ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and","page_number":49,"box":{"x":52,"y":134,"width":826,"height":11}},{"id":"a2412a4f-3927-4af7-a30e-c6e661752fcd","block_type":"box","text":"non-U.S. companies that provide products and services that are expected to contribute to artificial intelligence (“AI”)","page_number":49,"box":{"x":53,"y":148,"width":820,"height":11}},{"id":"df48a2f6-5a0c-4ee4-901f-84c06fe789a6","block_type":"box","text":"technologies in areas including generative AI, AI data and infrastructure, AI software, and AI services.","page_number":49,"box":{"x":52,"y":162,"width":712,"height":11}},{"id":"bf214d5a-523c-4996-bd91-ba93e7fbda74","block_type":"box","text":"Fees and Expenses","page_number":49,"box":{"x":54,"y":192,"width":168,"height":12}},{"id":"c4891e15-e723-4936-b92b-2e6c4889767d","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":49,"box":{"x":52,"y":217,"width":874,"height":10}},{"id":"ee3c8174-89fa-483c-b575-81a8663c2c97","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":49,"box":{"x":53,"y":231,"width":871,"height":11}},{"id":"72a4a6ae-699f-4028-86e4-b499a7618b93","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":49,"box":{"x":53,"y":245,"width":888,"height":11}},{"id":"d3840e13-a30e-4645-a97b-2ab5ab400869","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":49,"box":{"x":53,"y":259,"width":795,"height":11}},{"id":"a929abee-c2f6-45a7-9a3e-772c6976d097","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":49,"box":{"x":53,"y":273,"width":854,"height":11}},{"id":"3c3de899-4538-4e88-b860-c0b09259612f","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":49,"box":{"x":52,"y":287,"width":829,"height":11}},{"id":"ccea987f-a62d-41fa-bebf-50e09ba42a2a","block_type":"box","text":"extraordinary expenses.","page_number":49,"box":{"x":53,"y":302,"width":167,"height":10}},{"id":"767bdc70-94fa-455d-b03c-6dc9506118a8","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":49,"box":{"x":52,"y":325,"width":830,"height":11}},{"id":"2d1d2049-70dc-4610-9a59-750a102bb8d0","block_type":"box","text":"reflected in the table and example below.","page_number":49,"box":{"x":53,"y":339,"width":300,"height":11}},{"id":"8834d105-6be7-4e0b-ad43-04f06176ebfb","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":49,"box":{"x":57,"y":362,"width":761,"height":10}},{"id":"31e5f097-55d8-4a5a-8290-58828a9e41ae","block_type":"box","text":"1","page_number":49,"box":{"x":819,"y":361,"width":5,"height":4}},{"id":"13d4a346-5f18-4d08-8f8c-31e1023b8ce1","block_type":"box","text":"Management Fee","page_number":49,"box":{"x":58,"y":382,"width":109,"height":9}},{"id":"ee1c4f73-4c51-48e7-b3d9-c225b0961c7d","block_type":"box","text":"0.47%","page_number":49,"box":{"x":890,"y":382,"width":41,"height":7}},{"id":"8f27f639-3500-46f2-94cb-4418f3a67c08","block_type":"box","text":"Other Expenses","page_number":49,"box":{"x":58,"y":397,"width":98,"height":10}},{"id":"a0fa8232-7c6f-4c3f-9b37-c0ed8a4bdfdc","block_type":"box","text":"0.00%","page_number":49,"box":{"x":890,"y":397,"width":41,"height":8}},{"id":"2905cba6-05ac-4528-a0f5-fb385ee68034","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":49,"box":{"x":57,"y":413,"width":246,"height":9}},{"id":"8e7f0620-6f72-41c6-877b-bc85017bd209","block_type":"box","text":"0.47%","page_number":49,"box":{"x":890,"y":413,"width":41,"height":7}},{"id":"06ef5451-3a6c-46c0-8345-ad26bdac4b8a","block_type":"box","text":"1","page_number":49,"box":{"x":80,"y":441,"width":5,"height":4}},{"id":"65406aea-642b-44c7-83e2-9d3916de1d04","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":49,"box":{"x":93,"y":442,"width":779,"height":9}},{"id":"e5e44cc6-f2f6-4f78-9cab-1a17424b35bd","block_type":"box","text":"Example.","page_number":49,"box":{"x":53,"y":462,"width":67,"height":10}},{"id":"515d5304-895d-4ac1-b51c-6a2483eeddd6","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":49,"box":{"x":124,"y":462,"width":795,"height":10}},{"id":"7ddfdaeb-17af-4a39-ba0a-37af929d9b77","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":49,"box":{"x":53,"y":475,"width":885,"height":12}},{"id":"39cb0931-b3de-43df-8ccb-72d7dc514fb5","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":49,"box":{"x":52,"y":490,"width":871,"height":11}},{"id":"903931ce-f9cc-45f0-bcc2-7dcc7fa81641","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":49,"box":{"x":53,"y":504,"width":887,"height":11}},{"id":"36c0570e-313a-41a3-8f77-81f059cdf21a","block_type":"box","text":"your costs would be:","page_number":49,"box":{"x":52,"y":518,"width":143,"height":11}},{"id":"95918e10-a318-41ee-adc4-421424b1a527","block_type":"box","text":"Expense Example","page_number":49,"box":{"x":58,"y":541,"width":115,"height":9}},{"id":"9d8d0af4-b72b-4838-b7d0-eba273f4ac83","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":49,"box":{"x":663,"y":541,"width":280,"height":8}},{"id":"088bf2c6-4f15-49ed-839e-206bf98c96ce","block_type":"box","text":"Example Fund Costs","page_number":49,"box":{"x":58,"y":557,"width":128,"height":9}},{"id":"cf301e51-de56-4f0a-95e8-2ef157f9a7ce","block_type":"box","text":"$48 $151 $263 $591","page_number":49,"box":{"x":671,"y":556,"width":260,"height":9}},{"id":"fdfbf19f-3ba7-45b0-bd7a-1fd2a616ca18","block_type":"box","text":"Portfolio Turnover.","page_number":49,"box":{"x":53,"y":586,"width":137,"height":8}},{"id":"cdd984a0-cdc5-466d-8059-b4f1e542959d","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":49,"box":{"x":194,"y":586,"width":722,"height":11}},{"id":"23e9355b-848c-4e44-8da3-edf81bade9e5","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":49,"box":{"x":53,"y":600,"width":883,"height":11}},{"id":"6c245ac8-fa3f-4135-94ec-a1609757730c","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":49,"box":{"x":53,"y":614,"width":876,"height":11}},{"id":"619d96ed-38fe-4c7d-97a3-691c04161019","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 91% of","page_number":49,"box":{"x":52,"y":628,"width":886,"height":11}},{"id":"8410f93a-5475-4f30-a0d0-39dbe28229f4","block_type":"box","text":"the average value of its portfolio.","page_number":49,"box":{"x":52,"y":643,"width":231,"height":10}},{"id":"b4b4eb73-2b78-483c-9352-e89b2b300741","block_type":"box","text":"Principal Investment Strategies","page_number":49,"box":{"x":54,"y":672,"width":284,"height":13}},{"id":"067afb4b-2690-438c-b369-16cfee620c47","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar Global Artificial Intelligence Select Index (the “Underlying","page_number":49,"box":{"x":52,"y":697,"width":877,"height":11}},{"id":"19f23433-c393-4907-9694-2bfc4006c938","block_type":"box","text":"Index”), which measures the performance of equity securities issued by companies with exposure to artificial intelligence","page_number":49,"box":{"x":53,"y":711,"width":854,"height":11}},{"id":"9de613dd-a4e7-4db0-8dc3-ef529b5b0a40","block_type":"box","text":"(“AI”) technologies, including generative AI, AI data and infrastructure, AI software, and AI services (each an “AI subtheme”), as","page_number":49,"box":{"x":53,"y":725,"width":887,"height":11}},{"id":"5ba86fc8-4506-4634-8bce-62b2d8573807","block_type":"box","text":"determined by the equity research team of Morningstar, Inc. (the “Index Provider” or “Morningstar”).","page_number":49,"box":{"x":53,"y":739,"width":705,"height":11}},{"id":"83682e1d-7d43-4cca-a595-bfdc456dfd26","block_type":"box","text":"The Underlying Index is a subset of the Morningstar Global Markets Index (the “Parent Index”), which represents","page_number":49,"box":{"x":52,"y":761,"width":793,"height":11}},{"id":"d2dc3bc2-6c17-4cd0-ba55-1f66df455891","block_type":"box","text":"approximately the top 97% of the global investable equity market capitalization. The eligible universe of securities in the","page_number":49,"box":{"x":53,"y":775,"width":850,"height":11}},{"id":"cd8501aa-034e-4e28-b757-e5a1d9166dbb","block_type":"box","text":"Underlying Index includes the Parent Index, excluding companies in India or the People’s Republic of China and companies","page_number":49,"box":{"x":53,"y":790,"width":872,"height":10}},{"id":"f56ad885-16d7-47cd-bc8d-5cab2d5753b0","block_type":"box","text":"with an average three-month trailing daily trading volume of less than $2 million and float market capitalization of less than","page_number":49,"box":{"x":52,"y":803,"width":875,"height":12}},{"id":"6faaf88b-ca24-4e92-b473-f2b5ce6b434f","block_type":"box","text":"$300 million.","page_number":49,"box":{"x":53,"y":817,"width":91,"height":10}},{"id":"af3f04dd-9b3c-4803-87eb-37f87bb20de3","block_type":"box","text":"The Index Provider scores companies in the eligible universe on a four-point thematic exposure scale based on exposure to at","page_number":49,"box":{"x":52,"y":840,"width":888,"height":11}},{"id":"97ed3c2e-4ab8-4b90-84c3-597bbc383136","block_type":"box","text":"least one AI subtheme and then assigns each company to one of three tiers (i.e., Tier 1, Tier 2 or Tier 3). Morningstar considers","page_number":49,"box":{"x":53,"y":854,"width":887,"height":11}},{"id":"f6f33ae0-239b-4fc7-9205-daf3721e5d50","block_type":"box","text":"each company’s role in the AI subtheme value chain, expected net profit increase from exposure to at least one AI subtheme","page_number":49,"box":{"x":53,"y":868,"width":874,"height":11}},{"id":"d1b19d44-b124-42b6-b4cb-69b735dac4e4","block_type":"box","text":"and the portion of revenue expected to be derived from each AI subtheme over the next five years. Many of the companies","page_number":49,"box":{"x":53,"y":882,"width":858,"height":11}},{"id":"738b18a8-ed5b-4c69-8799-90bad9f9c1e1","block_type":"box","text":"included in the eligible universe of securities for the Underlying Index may not currently earn the majority of their income","page_number":49,"box":{"x":53,"y":897,"width":855,"height":10}},{"id":"dad21210-7a56-43db-80a5-e715a4bada50","block_type":"box","text":"from AI-related activities. 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All remaining companies with a non-zero score on","page_number":50,"box":{"x":52,"y":75,"width":878,"height":11}},{"id":"248dd9e3-4471-4db3-ab22-4f5c384bb7bd","block_type":"box","text":"at least one AI subtheme are assigned to Tier 3. The Index Provider then ranks the companies to emphasize thematic purity","page_number":50,"box":{"x":53,"y":89,"width":869,"height":11}},{"id":"a448e737-62bb-4ac2-98c4-9464e5624a13","block_type":"box","text":"and exposure to the generative AI subtheme according to the following ranking criteria (in descending order):","page_number":50,"box":{"x":53,"y":103,"width":771,"height":11}},{"id":"f7d882b7-d297-4127-bf95-57ba3e454732","block_type":"box","text":"•","page_number":50,"box":{"x":53,"y":126,"width":8,"height":6}},{"id":"d9fc9abb-2917-4e08-8e26-de7ea85c0c69","block_type":"box","text":"Tier 1 companies are preferred over Tier 2 companies, and Tier 2 companies are preferred over Tier 3 companies.","page_number":50,"box":{"x":66,"y":125,"width":795,"height":11}},{"id":"288b55b7-4d53-4ec5-9c60-355b2fcd8559","block_type":"box","text":"•","page_number":50,"box":{"x":53,"y":148,"width":8,"height":5}},{"id":"f3bf693b-e0a0-4e31-b785-104a3720cd63","block_type":"box","text":"Generative AI subtheme score (highest to lowest).","page_number":50,"box":{"x":67,"y":147,"width":349,"height":11}},{"id":"afa086f0-67f1-4b12-b156-9f51e8a40944","block_type":"box","text":"•","page_number":50,"box":{"x":53,"y":170,"width":8,"height":5}},{"id":"40b3f7bf-3577-4571-bca7-5f9f60dde6b8","block_type":"box","text":"Aggregate score across all 4 subthemes (highest to lowest).","page_number":50,"box":{"x":66,"y":169,"width":420,"height":11}},{"id":"6410c78e-a357-4238-a951-4f9b1129f5c9","block_type":"box","text":"•","page_number":50,"box":{"x":53,"y":192,"width":8,"height":5}},{"id":"80bfa088-b9bd-4664-bbd7-244e2c880890","block_type":"box","text":"Current index constituents are given preference.","page_number":50,"box":{"x":67,"y":191,"width":340,"height":11}},{"id":"8ae492af-5b76-4fd5-b3ad-a63beeedf133","block_type":"box","text":"•","page_number":50,"box":{"x":53,"y":214,"width":8,"height":5}},{"id":"edda08f0-e325-40ae-b7cf-6ff21f61665c","block_type":"box","text":"Current total market capitalization, with preference to smaller market capitalization over larger market capitalization.","page_number":50,"box":{"x":67,"y":213,"width":825,"height":11}},{"id":"565e0502-f289-4ed8-bcbd-5ecae28e27c8","block_type":"box","text":"Morningstar generally includes the top 50 companies in the Underlying Index, subject to adjustments for corporate actions.","page_number":50,"box":{"x":53,"y":235,"width":874,"height":10}},{"id":"fb1e5e8a-ed9a-4f6a-8da9-edfc4eb40cdb","block_type":"box","text":"The Underlying Index is weighted by float-adjusted market capitalization; however, the aggregate weight of Tier 3 securities","page_number":50,"box":{"x":52,"y":257,"width":871,"height":10}},{"id":"3e07c85b-7417-43c1-83a2-b30aacf0cf2e","block_type":"box","text":"cannot exceed 10%, and the excess weight is redistributed proportionally to Tier 1 and Tier 2 securities. Additionally, the","page_number":50,"box":{"x":53,"y":271,"width":848,"height":11}},{"id":"37f93356-bd25-4bf3-a084-20ef1d0b2a4b","block_type":"box","text":"weight of any one Tier 1, Tier 2 or Tier 3 security, respectively, cannot exceed 6%, 3% and 3%, with the excess weight","page_number":50,"box":{"x":52,"y":285,"width":824,"height":11}},{"id":"981cc006-d475-4702-855a-fe2c8a81647a","block_type":"box","text":"distributed proportionally within each Tier. If the aggregate weight of securities with a weight of at least 4.5% exceeds 22.5%,","page_number":50,"box":{"x":53,"y":299,"width":885,"height":11}},{"id":"97cbf29c-5efc-40f5-86be-4a2298c9f2a0","block_type":"box","text":"then Morningstar caps the weight of any one security at 6% and the sum of securities at 22.5%, with excess weight","page_number":50,"box":{"x":52,"y":313,"width":815,"height":11}},{"id":"09100c76-262b-4fc2-9b40-5af56d4a55a8","block_type":"box","text":"redistributed proportionally within each Tier. The Index Provider will review constituent weights daily to ensure the combined","page_number":50,"box":{"x":53,"y":328,"width":878,"height":10}},{"id":"db5b1518-ddd9-4a90-9f76-a8d67c05f121","block_type":"box","text":"weight of all constituents with individual weights above 5% does not exceed 25%. If this cap is breached, the Index Provider","page_number":50,"box":{"x":52,"y":342,"width":876,"height":10}},{"id":"d09c1d1f-38cd-4761-8e6c-e56abc64048e","block_type":"box","text":"will cap the constituent with the smallest weight above 5% to 4.5%, along with and any other constituent with a weight","page_number":50,"box":{"x":52,"y":356,"width":841,"height":11}},{"id":"ed09db14-f027-4c26-a0c9-7cf360002e88","block_type":"box","text":"between 4.5% and 5%. This process will be repeated iteratively until the sum of the weights above 5% are less than 25%, with","page_number":50,"box":{"x":53,"y":370,"width":889,"height":11}},{"id":"fe53c7c5-202b-4b5d-8789-5a8ba5e3199d","block_type":"box","text":"excess weight redistributed to constituents with weights below the 4.5% limit.","page_number":50,"box":{"x":53,"y":384,"width":549,"height":11}},{"id":"6f7ce5b9-632b-444a-bba1-bb9c9e4359b9","block_type":"box","text":"The Underlying Index is rebalanced quarterly on the third Friday of March, June and September (effective the following","page_number":50,"box":{"x":52,"y":406,"width":839,"height":11}},{"id":"10a72203-7757-49ea-804e-0211469e53eb","block_type":"box","text":"business day) and reconstituted and rebalanced annually following the third Friday of December (effective the following","page_number":50,"box":{"x":53,"y":420,"width":846,"height":11}},{"id":"c403bb0d-67aa-44a8-8007-f1fcfb3ebb52","block_type":"box","text":"business day). 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BFA uses a","page_number":50,"box":{"x":52,"y":550,"width":853,"height":11}},{"id":"f988c662-ac7e-4ea7-b95d-2a5ebba3a7d6","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":50,"box":{"x":53,"y":564,"width":839,"height":11}},{"id":"940c889e-6c13-43fa-83fe-a6917877d869","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":50,"box":{"x":53,"y":579,"width":868,"height":11}},{"id":"2b9c7916-c2eb-4621-bf3a-55e921afa4ba","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":50,"box":{"x":53,"y":593,"width":851,"height":11}},{"id":"2273fae5-ec96-45a1-9279-552dc3e02411","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":50,"box":{"x":53,"y":607,"width":806,"height":11}},{"id":"cbd7e6f0-f2a9-4c19-b11c-7630e0361782","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":50,"box":{"x":53,"y":621,"width":884,"height":11}},{"id":"165e8390-7884-4c38-815e-4ed79a19d740","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":50,"box":{"x":52,"y":636,"width":884,"height":10}},{"id":"b0cd73cd-3e9a-4a79-932c-6f06e8f44945","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":50,"box":{"x":53,"y":650,"width":852,"height":11}},{"id":"9df004b5-5077-4220-806e-3e804ab83a3f","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":50,"box":{"x":53,"y":664,"width":867,"height":11}},{"id":"5b690d93-e15f-4e95-925c-fa697c453069","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":50,"box":{"x":52,"y":678,"width":869,"height":11}},{"id":"675bd153-8e9b-446c-b7a6-f3ac840bb6af","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":50,"box":{"x":52,"y":692,"width":863,"height":11}},{"id":"6212538c-06f3-4829-a083-19d4880242f9","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":50,"box":{"x":53,"y":706,"width":826,"height":11}},{"id":"8e991907-8b4a-420b-9fb1-e8823146c12f","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":50,"box":{"x":53,"y":721,"width":405,"height":10}},{"id":"d11b4c13-7636-4ccf-a5c8-ea908647d9ed","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":50,"box":{"x":53,"y":744,"width":844,"height":11}},{"id":"a0cd80e7-2089-4e42-b9fe-09c6cc894696","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":50,"box":{"x":53,"y":758,"width":860,"height":11}},{"id":"39f978c9-89a3-40ea-a35c-860f2c8297fb","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":50,"box":{"x":53,"y":772,"width":831,"height":11}},{"id":"31253d0a-bb4f-4fbc-8bc7-c9fe05de0bc3","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":50,"box":{"x":53,"y":786,"width":817,"height":11}},{"id":"967e7508-eb2f-48f2-b587-6e0bf75d9da8","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":50,"box":{"x":53,"y":801,"width":818,"height":10}},{"id":"d2d013c0-cb5b-4402-b886-9fa8ff51af02","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":50,"box":{"x":53,"y":815,"width":835,"height":11}},{"id":"8861c522-0aea-435a-97e9-cdee876edcab","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":50,"box":{"x":52,"y":838,"width":873,"height":11}},{"id":"cce8b83f-1536-48c7-9372-2553b0db1580","block_type":"box","text":"collateral received).","page_number":50,"box":{"x":53,"y":852,"width":136,"height":9}},{"id":"43098734-cca4-4494-aaa9-fd60ecfe2cb9","block_type":"box","text":"The Underlying Index is sponsored by Morningstar which is independent of the Fund and BFA. The Index Provider determines","page_number":50,"box":{"x":52,"y":875,"width":886,"height":11}},{"id":"abda5120-3b4b-47cd-a0e5-937ad5db77b5","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":50,"box":{"x":52,"y":890,"width":884,"height":10}},{"id":"9cca30f5-5b62-491a-85c4-55211d23f005","block_type":"box","text":"market value of the Underlying Index.","page_number":50,"box":{"x":53,"y":904,"width":263,"height":11}},{"id":"85cc4792-b243-49ed-bcce-4fcfae4dedfc","block_type":"box","text":"S-42","page_number":50,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"efa031c6-b360-4927-a8e0-3bed452c5dd9","block_type":"box","text":"Industry Concentration Policy.","page_number":51,"box":{"x":53,"y":46,"width":224,"height":11}},{"id":"a0053359-c946-426b-b43e-e93c9ff3e0ac","block_type":"box","text":"The Fund will concentrate its investments (","page_number":51,"box":{"x":281,"y":46,"width":304,"height":10}},{"id":"6cbdeb5b-f238-4c67-a2aa-f4d58a207359","block_type":"box","text":"i.e.","page_number":51,"box":{"x":587,"y":47,"width":17,"height":8}},{"id":"9daca116-c8ff-4cb5-af56-cbad427e748e","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":51,"box":{"x":606,"y":46,"width":292,"height":10}},{"id":"6a1246dc-c6ac-4a3a-b9e7-e278b0676c4b","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":51,"box":{"x":53,"y":61,"width":858,"height":10}},{"id":"02650b96-1c49-41d7-8faf-f0a6dc7d2ef2","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":51,"box":{"x":53,"y":75,"width":868,"height":11}},{"id":"6a84a9b7-fdfe-4664-8a0f-7dfd8c48f475","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":51,"box":{"x":53,"y":89,"width":826,"height":11}},{"id":"65b79b58-2313-4f5e-bb45-624132f51e18","block_type":"box","text":"Summary of Principal Risks","page_number":51,"box":{"x":52,"y":118,"width":248,"height":13}},{"id":"7862f8dc-5f0a-49e6-a01e-e5ad87ea8914","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":51,"box":{"x":52,"y":143,"width":881,"height":11}},{"id":"e95a0c08-532d-4a93-b6f7-ed60c761b17c","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":51,"box":{"x":53,"y":157,"width":824,"height":11}},{"id":"95f9c667-3d31-413e-b8d7-e9b24deb55f7","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":51,"box":{"x":53,"y":171,"width":807,"height":11}},{"id":"2dc024b1-7fd4-4ff7-bd3b-426d88e4d7e7","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":51,"box":{"x":53,"y":186,"width":844,"height":10}},{"id":"fb4e510b-7419-479c-9daf-97e178ae35c0","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":51,"box":{"x":52,"y":200,"width":815,"height":11}},{"id":"72cbfcc3-f884-4d2c-a56c-e6f467272a53","block_type":"box","text":"Artificial Intelligence Technology Risk.","page_number":51,"box":{"x":52,"y":223,"width":284,"height":11}},{"id":"317c8a57-8de0-4134-9f9a-e480630856c9","block_type":"box","text":"Artificial Intelligence (“AI”) technology is generally highly reliant on the collection and","page_number":51,"box":{"x":340,"y":223,"width":602,"height":11}},{"id":"7ca896c2-1fbb-4d61-bd08-aa8205466d59","block_type":"box","text":"analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that such","page_number":51,"box":{"x":53,"y":237,"width":887,"height":11}},{"id":"f69ae848-29c0-4992-9483-8dc1133548e8","block_type":"box","text":"AI utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error – potentially","page_number":51,"box":{"x":52,"y":251,"width":833,"height":11}},{"id":"363dbc27-4707-44c7-8215-0d4a78ccc6ef","block_type":"box","text":"materially so – and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of the AI","page_number":51,"box":{"x":53,"y":266,"width":845,"height":10}},{"id":"a92424c5-71cd-49ec-98f5-cc6ebdeff74f","block_type":"box","text":"technology. Companies involved in, or exposed to, artificial intelligence-related businesses may have limited product lines,","page_number":51,"box":{"x":52,"y":280,"width":866,"height":11}},{"id":"7219d778-b966-490c-8117-80f6912cbeef","block_type":"box","text":"markets, financial resources or personnel. These companies face intense competition and potentially rapid product","page_number":51,"box":{"x":53,"y":294,"width":814,"height":11}},{"id":"59fa6483-cb3e-40f2-913c-f6dc88bbb395","block_type":"box","text":"obsolescence, and many depend significantly on retaining and growing the consumer base of their respective products and","page_number":51,"box":{"x":53,"y":308,"width":873,"height":11}},{"id":"e07bcd40-5c1e-4796-9a34-09d5fa62bea8","block_type":"box","text":"services. Many of these companies are also reliant on the end-user demand of products and services in various industries","page_number":51,"box":{"x":52,"y":322,"width":861,"height":11}},{"id":"58def3b1-8c8e-407f-967e-d072a16ba38b","block_type":"box","text":"that may in part utilize artificial intelligence. Further, many companies involved in, or exposed to, artificial intelligence-related","page_number":51,"box":{"x":52,"y":336,"width":888,"height":11}},{"id":"a746d498-8a96-44d4-9fcf-6cf5112237c1","block_type":"box","text":"businesses may be substantially exposed to the market and business risks of other industries or sectors, and the Fund may be","page_number":51,"box":{"x":53,"y":351,"width":889,"height":10}},{"id":"1f84452a-93ae-4096-aaad-3338e8cc080c","block_type":"box","text":"adversely affected by negative developments impacting those companies, industries or sectors.","page_number":51,"box":{"x":53,"y":365,"width":674,"height":11}},{"id":"528e5a31-3901-49c9-a7df-b07e623317dc","block_type":"box","text":"Thematic Investing Risk.","page_number":51,"box":{"x":52,"y":388,"width":182,"height":11}},{"id":"b3bcc0a1-4579-411a-acf5-70d745fe2073","block_type":"box","text":"The Fund relies on the Index Provider to identify securities that reflect the relevant themes and","page_number":51,"box":{"x":238,"y":388,"width":668,"height":11}},{"id":"63fcf6cf-3305-4bad-b75e-e10529d480ae","block_type":"box","text":"sub-themes for inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the","page_number":51,"box":{"x":52,"y":402,"width":882,"height":11}},{"id":"2b9fad1b-89e6-44a5-a411-3c23d44229c5","block_type":"box","text":"intended theme and sub-theme exposures. The Fund’s performance may suffer if such securities are not correctly identified,","page_number":51,"box":{"x":53,"y":416,"width":878,"height":11}},{"id":"0bc7ba7d-a4df-4dec-9c5c-ed3c305ecb4b","block_type":"box","text":"if a theme or sub-theme develops in an unexpected manner, or if securities in the Underlying Index do not benefit from the","page_number":51,"box":{"x":53,"y":431,"width":864,"height":10}},{"id":"f5aadb88-b55e-4811-bf79-223e2daa55ec","block_type":"box","text":"development of a theme or sub-theme. The Fund’s performance may also be impacted if securities that are not related to the","page_number":51,"box":{"x":53,"y":445,"width":879,"height":11}},{"id":"81b10bde-6512-4f7b-9406-747ee6e05156","block_type":"box","text":"theme or sub-theme are included in the Underlying Index.","page_number":51,"box":{"x":52,"y":459,"width":410,"height":11}},{"id":"0f1056d9-1ce3-4e0a-8d3e-ea53d5a7d9d2","block_type":"box","text":"Equity Securities Risk.","page_number":51,"box":{"x":53,"y":482,"width":164,"height":11}},{"id":"88d0247d-c1c8-4a5f-a5ed-54316b1a1d46","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":51,"box":{"x":223,"y":482,"width":709,"height":11}},{"id":"bd3dbf4f-cb96-478f-8d63-6f796fd6fb10","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":51,"box":{"x":53,"y":496,"width":889,"height":11}},{"id":"a1f0f67d-a1f7-460e-b8fd-e4215ccaa1a3","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":51,"box":{"x":53,"y":510,"width":880,"height":11}},{"id":"ebef3a99-0042-4f8b-a875-c8b3602ad5f6","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":51,"box":{"x":53,"y":525,"width":867,"height":11}},{"id":"94ee3703-8c07-4de3-80e3-6e15b8456249","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":51,"box":{"x":53,"y":539,"width":339,"height":11}},{"id":"1e79ba66-107e-4f65-ba42-c28c7de20672","block_type":"box","text":"Market Risk.","page_number":51,"box":{"x":53,"y":562,"width":91,"height":9}},{"id":"7743145a-e523-4e0e-85b4-135eb6695e0f","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":51,"box":{"x":148,"y":562,"width":768,"height":11}},{"id":"4c95c9b9-4b24-4cfd-af87-6e7ca02645fe","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":51,"box":{"x":53,"y":576,"width":882,"height":11}},{"id":"700c9cc9-7933-4ef6-97ca-8d605db58f3a","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":51,"box":{"x":53,"y":590,"width":858,"height":11}},{"id":"0183f449-82b1-4a39-bb08-48e5a693738a","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":51,"box":{"x":53,"y":605,"width":875,"height":10}},{"id":"3a0453d9-b4d4-4ba0-ab3d-3671f4923324","block_type":"box","text":"Fund’s NAV.","page_number":51,"box":{"x":53,"y":619,"width":82,"height":8}},{"id":"40ec0837-f7c3-4f4a-bc29-6d1570a72aeb","block_type":"box","text":"Index-Related Risk.","page_number":51,"box":{"x":53,"y":642,"width":143,"height":8}},{"id":"23af05b2-13b7-447c-b9f8-ca5fadc2b0bb","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":51,"box":{"x":201,"y":642,"width":742,"height":11}},{"id":"2a4282a3-3f19-4f5b-9b29-992cf87a8f95","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":51,"box":{"x":53,"y":656,"width":856,"height":11}},{"id":"56022475-47f6-43e2-9afe-f5511902ded7","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":51,"box":{"x":53,"y":670,"width":852,"height":11}},{"id":"b36d6047-784b-4dee-aa17-6e761ab6c97e","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":51,"box":{"x":53,"y":685,"width":876,"height":10}},{"id":"c1adc417-ac6a-4bc1-9bc3-b3b8707c0db0","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":51,"box":{"x":52,"y":699,"width":849,"height":11}},{"id":"e02fa538-91a2-49a5-825c-f32b97408ab3","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":51,"box":{"x":53,"y":713,"width":849,"height":11}},{"id":"543f42cb-475a-4e62-92ff-97ac23219796","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":51,"box":{"x":53,"y":727,"width":890,"height":11}},{"id":"5b8392e7-076d-4cd2-8f3c-538b16546b8a","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":51,"box":{"x":53,"y":741,"width":853,"height":11}},{"id":"e5e8b4d4-9d1f-4f1f-a7d0-d339c906d862","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":51,"box":{"x":53,"y":755,"width":539,"height":11}},{"id":"74440143-3a60-4055-8136-10ad9cbb24d2","block_type":"box","text":"Asset Class Risk.","page_number":51,"box":{"x":52,"y":779,"width":122,"height":8}},{"id":"b6deaa51-a04c-4fa5-a14a-51d8b52103bb","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":51,"box":{"x":179,"y":779,"width":721,"height":10}},{"id":"113706ac-929a-4139-a206-da22f14e769b","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":51,"box":{"x":53,"y":793,"width":774,"height":11}},{"id":"773fa108-0a8c-4379-8837-689a605ce853","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":51,"box":{"x":52,"y":816,"width":318,"height":11}},{"id":"d5427936-7998-4ea8-8f0a-652b8e385ebc","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":51,"box":{"x":374,"y":816,"width":531,"height":11}},{"id":"ad0d6518-b8c4-430a-b05e-8f7e9cf9475c","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":51,"box":{"x":53,"y":830,"width":810,"height":11}},{"id":"02375715-dfcd-4e53-aa70-14ab7a07dddf","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":51,"box":{"x":52,"y":844,"width":816,"height":11}},{"id":"f8cbc68d-d117-4825-8524-09186f02efa8","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":51,"box":{"x":52,"y":859,"width":884,"height":10}},{"id":"05701103-5b62-444a-8f5d-fba74b542c04","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":51,"box":{"x":53,"y":873,"width":871,"height":11}},{"id":"28a73ecb-6bdd-4937-8ff0-194f9484775b","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":51,"box":{"x":53,"y":887,"width":846,"height":11}},{"id":"a671ab49-1b9d-4577-86ca-9307ed50efa8","block_type":"box","text":"S-43","page_number":51,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"3370e75b-80c9-4423-bd8a-a43d293469d0","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":52,"box":{"x":52,"y":46,"width":881,"height":11}},{"id":"d289f439-1b0b-4a0e-8dbc-31acf63d0816","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":52,"box":{"x":53,"y":61,"width":853,"height":10}},{"id":"89d1483f-145e-480e-b748-498852da47f6","block_type":"box","text":"halts or delisting.","page_number":52,"box":{"x":53,"y":75,"width":121,"height":11}},{"id":"50c8b9ee-1da6-4b16-9eb6-789f72350637","block_type":"box","text":"Communications Companies Risk.","page_number":52,"box":{"x":53,"y":98,"width":251,"height":10}},{"id":"ad62e79f-d986-47be-a5c5-f36472600519","block_type":"box","text":"Companies in the communications industry (“communications companies”) include","page_number":52,"box":{"x":310,"y":98,"width":594,"height":11}},{"id":"2e3929e1-fd3f-42a1-8673-6ce10d2098a8","block_type":"box","text":"telecommunications and media companies. Communications companies face risks related to cybersecurity incidents, data","page_number":52,"box":{"x":52,"y":112,"width":868,"height":11}},{"id":"f7c90f6c-25fb-4b0e-98f2-3b65011f41a9","block_type":"box","text":"breaches, new technologies, substantial capital requirements, government regulation, cyclicality of revenues and earnings,","page_number":52,"box":{"x":53,"y":126,"width":869,"height":11}},{"id":"8f0830c2-636a-4e52-935c-454b86f01d6c","block_type":"box","text":"obsolescence of products and services, and changes in consumer preferences and expectations, among other things.","page_number":52,"box":{"x":53,"y":141,"width":830,"height":10}},{"id":"e77217f0-0f80-4d01-8c87-109909f54341","block_type":"box","text":"Concentration Risk.","page_number":52,"box":{"x":53,"y":164,"width":145,"height":8}},{"id":"2f9636c9-9aff-426d-91b9-078a15a83248","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":52,"box":{"x":202,"y":164,"width":711,"height":11}},{"id":"253b6fa7-4617-4510-93d3-5c7e30b867f7","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":52,"box":{"x":53,"y":178,"width":884,"height":10}},{"id":"c86b5804-11ea-4f6c-be11-ffda68c9082d","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":52,"box":{"x":52,"y":192,"width":887,"height":11}},{"id":"73ecb937-7b63-4ad6-879a-6d4eb7b0ef8a","block_type":"box","text":"asset classes.","page_number":52,"box":{"x":53,"y":206,"width":95,"height":9}},{"id":"81b2845d-9021-4bd3-835f-b8e9e837db77","block_type":"box","text":"Currency Risk.","page_number":52,"box":{"x":53,"y":229,"width":106,"height":11}},{"id":"cb60e019-62f6-48e1-81a2-8fba030cc437","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":52,"box":{"x":164,"y":229,"width":751,"height":11}},{"id":"cdb79a7b-ce8e-4c5b-a9c5-ef1cfd2d91eb","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":52,"box":{"x":53,"y":244,"width":842,"height":10}},{"id":"e07b9f6d-81e1-4a5f-a534-b7f1b4e57f6f","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":52,"box":{"x":52,"y":258,"width":854,"height":11}},{"id":"59985ec7-65ea-4a7f-aa8f-a99e8f244257","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":52,"box":{"x":53,"y":272,"width":869,"height":11}},{"id":"ec0f0f2d-edb4-44fd-bb43-13135027618c","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":52,"box":{"x":53,"y":286,"width":309,"height":11}},{"id":"1dfa1b30-c57e-4469-88ec-5346bd659b25","block_type":"box","text":"Custody Risk.","page_number":52,"box":{"x":53,"y":309,"width":99,"height":11}},{"id":"5976e45a-1c52-434a-8165-cb52c21c2661","block_type":"box","text":"Less developed securities markets are more likely to experience problems with the clearing and settlement of","page_number":52,"box":{"x":158,"y":309,"width":769,"height":11}},{"id":"8b95d403-512d-4cac-b01f-81f6b792ef58","block_type":"box","text":"trades, as well as the custody of securities and other assets by local banks, agents and depositories. These issues may have an","page_number":52,"box":{"x":52,"y":324,"width":890,"height":10}},{"id":"549e48f1-76f4-4bf3-a340-37713365c706","block_type":"box","text":"adverse impact on the Fund, including losses or delays in payments, delivery or recovery of money or other assets.","page_number":52,"box":{"x":53,"y":338,"width":804,"height":11}},{"id":"f29debd3-6dfc-408f-bcb5-e6df1881a08d","block_type":"box","text":"Issuer Risk.","page_number":52,"box":{"x":53,"y":361,"width":83,"height":8}},{"id":"6aae2bc4-751e-4152-a9a4-f14f89f6a8fb","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":52,"box":{"x":140,"y":361,"width":780,"height":10}},{"id":"dfe742cf-327a-4a12-84d8-a63c856d712a","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":52,"box":{"x":53,"y":375,"width":886,"height":11}},{"id":"5439d860-d178-400e-a302-443298c48a0f","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":52,"box":{"x":52,"y":389,"width":576,"height":11}},{"id":"0e79b470-3b99-41ca-a992-1972c7441c68","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":52,"box":{"x":53,"y":412,"width":278,"height":11}},{"id":"93e522bf-d272-484b-b0c2-1b94b00586ae","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":52,"box":{"x":337,"y":413,"width":540,"height":10}},{"id":"77a6a4ba-c9f9-40d6-b67f-f87637567a94","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":52,"box":{"x":53,"y":427,"width":890,"height":11}},{"id":"74ca6f6b-92ee-4c5b-9294-e64b5e870a3f","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":52,"box":{"x":53,"y":441,"width":868,"height":11}},{"id":"52828904-9c59-4db4-af37-c52860f83a84","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":52,"box":{"x":53,"y":455,"width":709,"height":11}},{"id":"ea9f8de1-3a28-4d65-9183-3d359bd3d81d","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":52,"box":{"x":53,"y":478,"width":395,"height":11}},{"id":"45e4e991-7f20-4e06-9c6b-065ec71618ee","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":52,"box":{"x":453,"y":478,"width":410,"height":11}},{"id":"5d086fe3-d39a-45f1-aad8-d6cde894f3b7","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":52,"box":{"x":53,"y":492,"width":883,"height":11}},{"id":"edfb2444-9898-4881-89f6-79e5e5efc33e","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":52,"box":{"x":52,"y":507,"width":884,"height":10}},{"id":"a80e1627-280d-4947-b310-f4598996bb0b","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":52,"box":{"x":53,"y":521,"width":872,"height":11}},{"id":"220ec398-72c5-4557-ba57-4ee29ac97bc7","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":52,"box":{"x":53,"y":535,"width":812,"height":11}},{"id":"4bc04090-9ff5-47dc-a6dd-4f5d53a9160f","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":52,"box":{"x":53,"y":549,"width":890,"height":11}},{"id":"e6dac56b-5cba-45cf-9bdd-15090ef308e1","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":52,"box":{"x":52,"y":564,"width":891,"height":9}},{"id":"a468c72d-9c80-4843-8325-a694d1fe962c","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":52,"box":{"x":53,"y":578,"width":836,"height":10}},{"id":"d474909b-135e-4c5a-a4b4-7f4061b758a1","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":52,"box":{"x":53,"y":592,"width":810,"height":11}},{"id":"67de0b84-ea27-4d14-be61-4e75df815088","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":52,"box":{"x":53,"y":606,"width":861,"height":11}},{"id":"ac49e3e8-839c-4cf6-b8dd-00f77a0967ff","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":52,"box":{"x":53,"y":620,"width":875,"height":11}},{"id":"c405347d-4177-4fa0-bc46-68aa1ef83251","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":52,"box":{"x":52,"y":634,"width":654,"height":11}},{"id":"0315581c-9000-4112-bc80-11977b249d41","block_type":"box","text":"Management Risk.","page_number":52,"box":{"x":53,"y":657,"width":137,"height":11}},{"id":"bdee99be-cdde-498c-9664-2699eeb8cef0","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":52,"box":{"x":194,"y":657,"width":711,"height":11}},{"id":"cbf280f3-2e65-47c6-9fb3-8be57e161a27","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":52,"box":{"x":53,"y":672,"width":877,"height":10}},{"id":"795d8de4-bd09-4661-b230-035611fc00aa","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":52,"box":{"x":53,"y":686,"width":859,"height":11}},{"id":"6bae04a2-129a-45ac-9257-40b6befea926","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":52,"box":{"x":52,"y":700,"width":848,"height":11}},{"id":"93a5e25c-d0df-40c9-8347-5c99adbfce09","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":52,"box":{"x":53,"y":714,"width":756,"height":11}},{"id":"9f636087-9d46-4260-b2c8-76986e01f13a","block_type":"box","text":"Market Trading Risk.","page_number":52,"box":{"x":53,"y":737,"width":152,"height":11}},{"id":"0fac6254-f565-41a1-ba9a-a7d9cff3512d","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":52,"box":{"x":209,"y":737,"width":694,"height":11}},{"id":"3a2a8927-67aa-4b80-a027-89873cb28dc7","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":52,"box":{"x":53,"y":751,"width":841,"height":11}},{"id":"ba0cec4b-0400-4cad-9f81-a8ff0be38500","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":52,"box":{"x":53,"y":766,"width":887,"height":11}},{"id":"30df809c-3f21-4c11-a197-c4cfc4bb9709","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":52,"box":{"x":52,"y":780,"width":839,"height":11}},{"id":"e93078da-41da-4aef-baf1-a94b25ef1ba9","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":52,"box":{"x":53,"y":794,"width":866,"height":11}},{"id":"b5819ffe-0188-415b-ac64-135de0f6f094","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":52,"box":{"x":52,"y":808,"width":885,"height":11}},{"id":"3a2af0b3-9a88-4079-9b50-5ef9131ff161","block_type":"box","text":"of the Fund shares.","page_number":52,"box":{"x":53,"y":822,"width":134,"height":9}},{"id":"b2c710ec-06d2-4e0a-88a2-41c810b58ec0","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":52,"box":{"x":53,"y":846,"width":264,"height":10}},{"id":"07ff9ac7-26b5-4619-bb05-bfa32e5a5a6c","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":52,"box":{"x":323,"y":846,"width":590,"height":11}},{"id":"7aedf776-7d98-45fc-bd18-f3d956cc7fff","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":52,"box":{"x":53,"y":860,"width":846,"height":11}},{"id":"dfb1a4ff-df18-434f-847c-de3bfe1b0c91","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":52,"box":{"x":52,"y":874,"width":875,"height":11}},{"id":"6b704f8c-031e-404b-810b-2ebc9a3faea9","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":52,"box":{"x":52,"y":888,"width":529,"height":11}},{"id":"b12574a2-1320-4cdf-aeb6-921fb5c8894d","block_type":"box","text":"S-44","page_number":52,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"1549b422-1fb1-4425-82c8-e0b3f7fd7f36","block_type":"box","text":"National Closed Market Trading Risk.","page_number":53,"box":{"x":53,"y":46,"width":273,"height":11}},{"id":"6abd129e-e927-4c42-9c45-1582f2477874","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":53,"box":{"x":330,"y":46,"width":544,"height":11}},{"id":"9e1f0c0d-ac21-4fd8-96f8-de18f4b08233","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":53,"box":{"x":53,"y":61,"width":874,"height":10}},{"id":"48a9fd0c-d7f4-428d-a37d-a9b870222391","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":53,"box":{"x":52,"y":75,"width":651,"height":11}},{"id":"1d48ca1e-ebe0-4c60-9f34-e8a66d7accc5","block_type":"box","text":"i.e","page_number":53,"box":{"x":704,"y":75,"width":15,"height":8}},{"id":"31604dcb-be80-4ead-9882-098a30b9ac06","block_type":"box","text":"., the quote from the closed","page_number":53,"box":{"x":720,"y":75,"width":191,"height":10}},{"id":"54f413fa-2356-4f05-aefb-8bf6f96e08d4","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":53,"box":{"x":52,"y":89,"width":880,"height":11}},{"id":"a37c1eb8-4c6f-4e53-a0cf-7ccec4220ef9","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":53,"box":{"x":52,"y":103,"width":849,"height":11}},{"id":"946093e0-52b9-40d4-89f5-67eceb9267ff","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":53,"box":{"x":53,"y":117,"width":850,"height":11}},{"id":"11d5aa89-147a-4fe2-92f1-2bbdfbf256d8","block_type":"box","text":"funds.","page_number":53,"box":{"x":52,"y":131,"width":44,"height":9}},{"id":"54288bb6-5825-489c-ae74-e1811532d62f","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":53,"box":{"x":53,"y":155,"width":182,"height":8}},{"id":"db921fe4-77f4-4d9c-abc8-574ec5560694","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":53,"box":{"x":240,"y":155,"width":687,"height":11}},{"id":"740735f6-7893-4365-a8e0-fe49266da968","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":53,"box":{"x":53,"y":169,"width":853,"height":11}},{"id":"9aa6dba6-449f-4444-ad78-21c757c4ff86","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":53,"box":{"x":52,"y":183,"width":847,"height":11}},{"id":"1a9e4eaa-d9fc-4cfd-b60a-99c192fa0989","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":53,"box":{"x":53,"y":197,"width":889,"height":11}},{"id":"12e18df7-9f55-45c6-964c-db01d900784b","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":53,"box":{"x":53,"y":211,"width":842,"height":11}},{"id":"357228e3-eaf0-4fdc-8899-608f362c6745","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":53,"box":{"x":53,"y":226,"width":831,"height":10}},{"id":"3b1d1743-0bfd-4356-be39-a03811f29601","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":53,"box":{"x":53,"y":240,"width":821,"height":11}},{"id":"1f834f29-97a6-4934-b86f-b2e38446f945","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":53,"box":{"x":53,"y":254,"width":871,"height":11}},{"id":"bec0978c-01d3-4d12-851b-48ca6e2a9989","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":53,"box":{"x":53,"y":268,"width":289,"height":11}},{"id":"f7df22b7-d65b-4b63-8b3c-e26400d0eaf1","block_type":"box","text":"Asian Economic Risk","page_number":53,"box":{"x":346,"y":268,"width":154,"height":9}},{"id":"098abddc-a5d1-4426-a349-9ae22e0f1357","block_type":"box","text":".","page_number":53,"box":{"x":501,"y":275,"width":2,"height":2}},{"id":"774fca22-d845-4641-aca7-280414d42459","block_type":"box","text":"Operational and Technology Risks.","page_number":53,"box":{"x":53,"y":291,"width":254,"height":11}},{"id":"84b85e4d-7644-443a-a943-5a948fd9a886","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":53,"box":{"x":312,"y":292,"width":581,"height":10}},{"id":"2d32ed60-8a09-47fd-813c-86dd4aee8adf","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":53,"box":{"x":53,"y":306,"width":876,"height":10}},{"id":"922606fd-fbd5-4a09-93a6-24b12b7ed2ed","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":53,"box":{"x":53,"y":320,"width":879,"height":11}},{"id":"9c4994af-d90f-41fa-bc5e-9c7741af14e0","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":53,"box":{"x":53,"y":334,"width":825,"height":11}},{"id":"d19608ce-e84e-4596-ab39-a17610e34d65","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":53,"box":{"x":53,"y":348,"width":862,"height":11}},{"id":"8b43b3ac-e719-4462-ba9a-27776be960d3","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":53,"box":{"x":53,"y":362,"width":872,"height":11}},{"id":"dc966839-69fa-4c4d-a524-310560aa2308","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":53,"box":{"x":53,"y":376,"width":824,"height":11}},{"id":"4cdbbb92-1b53-4b37-8fc6-001da4975fa0","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":53,"box":{"x":53,"y":399,"width":285,"height":12}},{"id":"d1f75379-f320-4b5c-a2c3-2eb1881955b4","block_type":"box","text":"Investments in emerging markets may be subject to a greater risk of loss than","page_number":53,"box":{"x":344,"y":400,"width":547,"height":10}},{"id":"ecd62f79-5cf2-4c93-bddf-b1282a0b6747","block_type":"box","text":"investments in more developed markets. The risks of emerging markets may include, among others, greater market volatility;","page_number":53,"box":{"x":53,"y":414,"width":880,"height":11}},{"id":"4117e974-2acd-4a1c-bf2b-cfb0d85137cd","block_type":"box","text":"political, legal, economic, and social instability; less developed securities markets, including settlement, custody and","page_number":53,"box":{"x":53,"y":428,"width":822,"height":11}},{"id":"6a8581ae-6743-4017-9413-6e00c14fb021","block_type":"box","text":"valuation processes; government expropriation or nationalization of assets; greater volatility in currency exchange rates; more","page_number":53,"box":{"x":52,"y":442,"width":891,"height":11}},{"id":"e58ce600-c6b1-4062-80cd-fae5c839ba61","block_type":"box","text":"capital controls; less governmental supervision and regulation; and less stringent accounting, auditing and disclosure","page_number":53,"box":{"x":53,"y":457,"width":834,"height":10}},{"id":"09b2aafc-e8f4-4ef0-b8d9-e73da834cfa1","block_type":"box","text":"requirements. There may be significant obstacles to obtaining information necessary for investigations into or litigation","page_number":53,"box":{"x":53,"y":471,"width":845,"height":10}},{"id":"258406b2-416b-4ee2-bc19-6e9e4fd7a42d","block_type":"box","text":"against companies, and shareholders may have limited legal remedies. The Fund does not select investments based on","page_number":53,"box":{"x":53,"y":485,"width":841,"height":11}},{"id":"7e0682cb-0e9a-4b12-a851-b40f900743f0","block_type":"box","text":"investor protection considerations. Emerging market securities may face liquidity challenges, and the Fund may be unable to","page_number":53,"box":{"x":53,"y":499,"width":884,"height":11}},{"id":"4ce8e777-fc54-4397-96e4-c869b5bbd52f","block_type":"box","text":"liquidate its positions in such securities at a favorable time or price.","page_number":53,"box":{"x":53,"y":513,"width":475,"height":11}},{"id":"098a3eb4-e27a-45eb-b08b-32d9d860dae0","block_type":"box","text":"Risk of Investing in the U.S.","page_number":53,"box":{"x":53,"y":536,"width":200,"height":11}},{"id":"422d9eef-2c75-430d-8181-f68cd6bdbf40","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":53,"box":{"x":259,"y":536,"width":663,"height":11}},{"id":"5cb5cd35-c516-4570-b55d-03dd9d688c8e","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":53,"box":{"x":53,"y":550,"width":877,"height":11}},{"id":"f4066179-2de4-419a-a30d-799fb1aa55a0","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":53,"box":{"x":53,"y":565,"width":470,"height":10}},{"id":"8a75fe98-9db8-4ce3-a97f-c6e669173dff","block_type":"box","text":"Securities Lending Risk.","page_number":53,"box":{"x":52,"y":588,"width":178,"height":11}},{"id":"f72582ee-9364-4490-833c-65d8dbd71e2a","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":53,"box":{"x":234,"y":588,"width":692,"height":11}},{"id":"57214c86-2315-4126-b292-585cc72bdcf1","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":53,"box":{"x":53,"y":602,"width":870,"height":11}},{"id":"945f0180-0a60-47bf-a74c-5477e44c4bf0","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":53,"box":{"x":53,"y":616,"width":886,"height":11}},{"id":"200fac8d-92d3-4f20-92a0-b7e1765c382f","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":53,"box":{"x":53,"y":630,"width":831,"height":11}},{"id":"2c20fa8a-fc17-49af-b7ae-b0e2d9483173","block_type":"box","text":"Semiconductor Companies Risk.","page_number":53,"box":{"x":52,"y":654,"width":239,"height":10}},{"id":"76f6beb0-4529-4fc2-8c04-ccc706862d78","block_type":"box","text":"The semiconductor industry is characterized by rapid technological change and product","page_number":53,"box":{"x":295,"y":654,"width":625,"height":10}},{"id":"780cc6ee-5c3c-4db9-879f-d9b38ef563aa","block_type":"box","text":"obsolescence, cyclical market patterns, price erosion, periods of over-capacity and production shortages, variations in","page_number":53,"box":{"x":53,"y":668,"width":833,"height":11}},{"id":"86a1f044-bcc4-4436-8cae-519f83258d1d","block_type":"box","text":"manufacturing costs and yields, and significant expenditures for capital equipment and product development.","page_number":53,"box":{"x":53,"y":682,"width":781,"height":11}},{"id":"0b9cc42f-9938-471f-9591-3849d7fb7f48","block_type":"box","text":"Semiconductor companies depend significantly on third-party suppliers and the availability of raw materials and may be","page_number":53,"box":{"x":52,"y":696,"width":854,"height":11}},{"id":"e1fb65fc-94a4-47dd-a1c4-32f9ac634827","block_type":"box","text":"adversely affected by supply chain disruptions. They also may be adversely affected by the loss or impairment of intellectual","page_number":53,"box":{"x":53,"y":710,"width":874,"height":11}},{"id":"7704e53e-077a-4211-b066-db8461aea7bd","block_type":"box","text":"property rights. Growing demand related to AI and other emerging technologies may contribute to increased competition,","page_number":53,"box":{"x":53,"y":725,"width":859,"height":10}},{"id":"7d5e3d48-0a9a-476d-9cba-58877b03e476","block_type":"box","text":"capacity constraints and customer concentration.","page_number":53,"box":{"x":53,"y":739,"width":352,"height":11}},{"id":"007467d8-f424-4fe9-b0e6-ffe5b0a6cfa4","block_type":"box","text":"Technology Companies Risk.","page_number":53,"box":{"x":52,"y":762,"width":211,"height":11}},{"id":"daf2362e-e98e-4aa0-bf34-d23df392b21b","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":53,"box":{"x":267,"y":762,"width":657,"height":11}},{"id":"7067f374-cf7f-4e0c-802b-0d7768041a01","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":53,"box":{"x":53,"y":776,"width":849,"height":11}},{"id":"24e21962-8d97-4710-8d04-aafcced9085e","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":53,"box":{"x":53,"y":790,"width":887,"height":11}},{"id":"f634c8f5-ea67-4d0e-a090-9315a2598fb1","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":53,"box":{"x":53,"y":804,"width":883,"height":11}},{"id":"ac393018-f19e-41f2-a373-e5a5f26f3d73","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":53,"box":{"x":52,"y":819,"width":839,"height":10}},{"id":"f546712f-29b6-4d8c-8f8c-75fe0fceb6af","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":53,"box":{"x":53,"y":833,"width":870,"height":11}},{"id":"b4f5aa6a-5604-4db4-a7aa-617d698a1aaf","block_type":"box","text":"government or legal action.","page_number":53,"box":{"x":53,"y":847,"width":192,"height":11}},{"id":"e1f51f9d-2eab-4fe5-b568-afde14d83b8c","block_type":"box","text":"Tracking Error Risk.","page_number":53,"box":{"x":52,"y":870,"width":145,"height":11}},{"id":"41c41e0a-9eb4-413b-851a-01e58487020c","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":53,"box":{"x":201,"y":870,"width":741,"height":11}},{"id":"452361c7-60ab-477d-9383-5e662ccf0aac","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":53,"box":{"x":53,"y":884,"width":861,"height":11}},{"id":"274c076b-20b8-43b9-bae1-984320f9ad81","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":53,"box":{"x":53,"y":898,"width":832,"height":11}},{"id":"0793868d-aa5e-4ab4-8397-8982ee65e59d","block_type":"box","text":"S-45","page_number":53,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"fb097ae2-08e9-4007-89ba-9eda8ba821c0","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":54,"box":{"x":53,"y":47,"width":880,"height":10}},{"id":"46936312-a768-43de-b89f-76888234a0ec","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":54,"box":{"x":53,"y":61,"width":831,"height":10}},{"id":"7c021ca1-79d5-4eaf-87ef-2bfb479d8d54","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":54,"box":{"x":52,"y":75,"width":828,"height":11}},{"id":"9a4d0129-40e7-4dcd-ab3f-f05c67f208e3","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":54,"box":{"x":53,"y":89,"width":873,"height":11}},{"id":"8218e2e8-8121-412b-a205-6ba3f79bf0ff","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":54,"box":{"x":53,"y":103,"width":889,"height":11}},{"id":"ba8e06b9-ce40-4980-ba33-75f3ad7a6462","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":54,"box":{"x":53,"y":117,"width":852,"height":11}},{"id":"e761b686-93a8-46de-8cdc-32bc62ba3898","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":54,"box":{"x":53,"y":131,"width":886,"height":11}},{"id":"974af74c-35a3-4744-a34b-28bb4118a567","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":54,"box":{"x":53,"y":146,"width":873,"height":11}},{"id":"cdf04d96-65e5-432a-a139-a09d9b05ced3","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":54,"box":{"x":53,"y":160,"width":883,"height":11}},{"id":"dc3d0205-9c34-441e-a21f-30ba33468d29","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":54,"box":{"x":53,"y":174,"width":839,"height":11}},{"id":"3c1905d2-2040-4873-9599-2268c3b33267","block_type":"box","text":"Valuation Risk.","page_number":54,"box":{"x":52,"y":197,"width":110,"height":9}},{"id":"30abbfbb-3a87-468a-a59e-e932c6b83bb6","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":54,"box":{"x":166,"y":197,"width":740,"height":11}},{"id":"830cca71-2449-43d1-b60e-8fa34dc07c4e","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":54,"box":{"x":53,"y":211,"width":840,"height":11}},{"id":"57b929ce-13f2-44de-9774-4db113850081","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":54,"box":{"x":52,"y":226,"width":869,"height":10}},{"id":"52734683-72a5-4899-be15-21cd31872376","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":54,"box":{"x":52,"y":240,"width":889,"height":11}},{"id":"e68292cb-cd41-4843-9b88-bd6cc82dd19c","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":54,"box":{"x":53,"y":254,"width":871,"height":11}},{"id":"f0ec260a-6346-43b0-9edb-9d602bc837b3","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":54,"box":{"x":52,"y":268,"width":879,"height":11}},{"id":"78828364-bbd1-4665-afe8-f65b23f9a8f8","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":54,"box":{"x":53,"y":283,"width":880,"height":10}},{"id":"7d70c7ef-0b85-49f7-861a-ca8c682cfb70","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":54,"box":{"x":53,"y":297,"width":816,"height":10}},{"id":"39601fb1-3f72-413e-aea6-77517aadfb59","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":54,"box":{"x":52,"y":311,"width":613,"height":11}},{"id":"a80ea9e7-6632-4fac-9fc1-d07a37cc0b82","block_type":"box","text":"Performance Information","page_number":54,"box":{"x":54,"y":340,"width":228,"height":10}},{"id":"31375762-047c-41e5-b73a-9f991bf8511f","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":54,"box":{"x":52,"y":365,"width":864,"height":10}},{"id":"b2658d81-e5d5-440f-9e43-0462e1d1a528","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":54,"box":{"x":52,"y":379,"width":872,"height":11}},{"id":"1f648991-d31d-4eca-9a1b-a3b5d8e0f92b","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":54,"box":{"x":53,"y":393,"width":868,"height":11}},{"id":"31526d93-69b6-417b-bcd8-a3a40283a54e","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":54,"box":{"x":53,"y":407,"width":838,"height":11}},{"id":"45caa7e2-d3fc-4014-972c-2c125cd13e19","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":54,"box":{"x":53,"y":421,"width":868,"height":11}},{"id":"40968263-89a5-4dc3-9c39-e9691d3421a7","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":54,"box":{"x":53,"y":436,"width":832,"height":11}},{"id":"840baffe-64d6-4af9-84ea-b763c760516c","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":54,"box":{"x":53,"y":450,"width":842,"height":11}},{"id":"0fc2209c-a7e3-4ca4-a269-70c0cd0ace20","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":54,"box":{"x":52,"y":464,"width":531,"height":11}},{"id":"e4c099f2-639a-4652-b9bd-0c073ada68d9","block_type":"box","text":"Calendar Year by Year Returns (%)","page_number":54,"box":{"x":138,"y":488,"width":253,"height":11}},{"id":"da43bbfa-f825-4bf1-8c08-9730bdda63bc","block_type":"box","text":"34.87","page_number":54,"box":{"x":93,"y":553,"width":27,"height":6}},{"id":"5b24fa1f-dda6-4dec-bbb2-c09df14a9d48","block_type":"box","text":"48.63","page_number":54,"box":{"x":146,"y":543,"width":27,"height":6}},{"id":"44839691-2ee8-4a1a-9ca8-93adc6e72b19","block_type":"box","text":"6.85","page_number":54,"box":{"x":202,"y":575,"width":20,"height":6}},{"id":"93de89fe-bb2c-4b2f-85e9-bf7ad8184ff8","block_type":"box","text":"-37.96","page_number":54,"box":{"x":250,"y":624,"width":30,"height":6}},{"id":"d835b9f4-1d17-4031-9cd6-85d857373cf7","block_type":"box","text":"36.01","page_number":54,"box":{"x":305,"y":552,"width":25,"height":6}},{"id":"5748fd79-d883-428d-a5a4-76e37431879f","block_type":"box","text":"7.77","page_number":54,"box":{"x":361,"y":574,"width":20,"height":6}},{"id":"ca7fed77-8684-4699-9123-f8ca67bec703","block_type":"box","text":"30.25","page_number":54,"box":{"x":411,"y":557,"width":26,"height":6}},{"id":"06827e19-7ef0-4028-a3ff-bf023ced5396","block_type":"box","text":"2019 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Such indices use withholding tax rates that are","page_number":54,"box":{"x":93,"y":856,"width":847,"height":10}},{"id":"042a1456-b772-407c-b40d-57fa462b96ec","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":54,"box":{"x":93,"y":867,"width":843,"height":9}},{"id":"7380d7e8-b2f0-4725-9728-cd5f423ef66c","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":54,"box":{"x":92,"y":877,"width":829,"height":10}},{"id":"f7e99a07-042a-4431-89f8-fc54d1224454","block_type":"box","text":"tax rates, if any.","page_number":54,"box":{"x":92,"y":887,"width":97,"height":10}},{"id":"1a2bda06-7e8a-4055-816a-3baaee50d16d","block_type":"box","text":"2","page_number":54,"box":{"x":80,"y":896,"width":5,"height":5}},{"id":"7b4ca4d0-2f9e-4d15-9faa-65a27c93bec5","block_type":"box","text":"The Morningstar Global Artificial Intelligence Select Index (Spliced) reflects the performance of the NYSE FactSet Global Robotics and","page_number":54,"box":{"x":92,"y":897,"width":843,"height":10}},{"id":"13da4df3-5e56-45a5-9b01-69f85a914278","block_type":"box","text":"S-46","page_number":54,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"5a18f923-2cea-43f0-ab4d-88b19362263a","block_type":"box","text":"Artificial Intelligence Index (Net) through August 11, 2024 and the Morningstar Global Artificial Intelligence Select Index (Net)","page_number":55,"box":{"x":92,"y":46,"width":794,"height":10}},{"id":"6cdd1aec-58c2-4dc5-8041-bd42ab0f1ca0","block_type":"box","text":"thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":55,"box":{"x":92,"y":56,"width":562,"height":10}},{"id":"ec9e6742-db6f-424d-bb45-8ceb219d1288","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":55,"box":{"x":52,"y":76,"width":857,"height":11}},{"id":"8c90c43b-5115-480f-80f8-eaef1402a6bd","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. 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Ask your salesperson or visit your","page_number":55,"box":{"x":53,"y":689,"width":841,"height":11}},{"id":"5eab1323-3225-4593-8b63-a877989d5855","block_type":"box","text":"financial intermediary’s website for more information.","page_number":55,"box":{"x":52,"y":703,"width":380,"height":11}},{"id":"6bd64a1a-30e0-4095-9f63-af5ee8f2fddb","block_type":"box","text":"S-47","page_number":55,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"badb2c21-1e3f-43f6-a0a7-a3ece7170c82","block_type":"box","text":"iShares Future Metaverse Tech and","page_number":56,"box":{"x":53,"y":47,"width":489,"height":16}},{"id":"b5958f96-a523-46fc-b7ff-a125dc54d97a","block_type":"box","text":"Communications ETF","page_number":56,"box":{"x":53,"y":70,"width":300,"height":16}},{"id":"3cd52701-a007-42ec-aa92-db6432419b45","block_type":"box","text":"IVRS | NYSE Arca","page_number":56,"box":{"x":54,"y":93,"width":237,"height":19}},{"id":"7e8048d6-4432-4c5a-ba35-938cfbb06121","block_type":"box","text":"Investment Objective","page_number":56,"box":{"x":54,"y":132,"width":191,"height":14}},{"id":"0e78e452-f4ea-4b1d-be79-a14480daad36","block_type":"box","text":"The iShares Future Metaverse Tech and Communications ETF (the “Fund”) seeks to track the investment results of an index","page_number":56,"box":{"x":52,"y":157,"width":873,"height":10}},{"id":"59ba7ab2-610e-4079-b259-99b49c412778","block_type":"box","text":"composed of U.S. and non-U.S. companies that provide products and services that are expected to contribute to the","page_number":56,"box":{"x":53,"y":171,"width":816,"height":11}},{"id":"79d7f400-61ba-4cbd-b77c-8432370eb87c","block_type":"box","text":"metaverse in areas including virtual platforms, social media, gaming, 3D software, digital assets, and virtual and augmented","page_number":56,"box":{"x":53,"y":186,"width":877,"height":10}},{"id":"a5362480-2b5f-4c62-9d05-87c6595f92e2","block_type":"box","text":"reality.","page_number":56,"box":{"x":53,"y":200,"width":45,"height":11}},{"id":"74279d10-b90a-47f2-9ee3-8930a044b761","block_type":"box","text":"Fees and Expenses","page_number":56,"box":{"x":54,"y":229,"width":168,"height":13}},{"id":"4efbec57-254c-4ab6-aec9-86932c0daf03","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":56,"box":{"x":53,"y":513,"width":885,"height":11}},{"id":"f3451ca3-dd71-4364-83b8-3dd714fd0083","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":56,"box":{"x":52,"y":527,"width":871,"height":11}},{"id":"619fb3ee-e42e-403a-9b91-606ba50ac6b1","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":56,"box":{"x":53,"y":541,"width":887,"height":11}},{"id":"ccd240bb-3737-4712-a8ae-4fbaa8c2591a","block_type":"box","text":"your costs would be:","page_number":56,"box":{"x":52,"y":556,"width":143,"height":10}},{"id":"b741c231-de48-4690-8aa0-f11478e0ae46","block_type":"box","text":"Expense Example","page_number":56,"box":{"x":58,"y":579,"width":115,"height":9}},{"id":"56580999-0219-4fcd-9b55-6a41384d1786","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":56,"box":{"x":663,"y":579,"width":280,"height":7}},{"id":"e7e6ff45-6984-4e96-98e2-80e1abef7d94","block_type":"box","text":"Example Fund Costs","page_number":56,"box":{"x":58,"y":594,"width":128,"height":9}},{"id":"25f82ef3-685a-4120-99e2-9180c7f76bca","block_type":"box","text":"$48 $151 $263 $591","page_number":56,"box":{"x":671,"y":593,"width":260,"height":9}},{"id":"7caa9d69-db52-4c87-8f5b-c10de9b64144","block_type":"box","text":"Portfolio Turnover.","page_number":56,"box":{"x":53,"y":623,"width":137,"height":9}},{"id":"d288d27d-5e76-4d05-87f3-ed7162a8e574","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":56,"box":{"x":194,"y":623,"width":722,"height":11}},{"id":"80199349-5dc9-4d57-afc5-760a12f63e7d","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":56,"box":{"x":53,"y":637,"width":883,"height":11}},{"id":"abe899e3-9eca-4ef9-ac88-96bdef3fcba1","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":56,"box":{"x":53,"y":652,"width":876,"height":10}},{"id":"fbaf8f28-f18c-4002-89bd-3f9cdb280019","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 79% of","page_number":56,"box":{"x":52,"y":666,"width":886,"height":11}},{"id":"7b48820e-5b60-4f03-b924-dd4bc67aad91","block_type":"box","text":"the average value of its portfolio.","page_number":56,"box":{"x":52,"y":680,"width":231,"height":11}},{"id":"43dadf74-2af6-4242-b36a-eb37406227fa","block_type":"box","text":"Principal Investment Strategies","page_number":56,"box":{"x":54,"y":709,"width":284,"height":13}},{"id":"f904d4a6-239f-44d1-baff-7f83d245f87e","block_type":"box","text":"The Board of the Trust approved the closure and liquidation of the Fund. After market close on August 12, 2026, the Fund will","page_number":56,"box":{"x":52,"y":734,"width":883,"height":11}},{"id":"cab2964e-e264-4bea-8788-02f7fdb07822","block_type":"box","text":"cease the creation and redemption of Creation Units (as defined herein). 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Proceeds of the liquidation are scheduled to be sent to Fund shareholders on or around August 17,","page_number":56,"box":{"x":53,"y":763,"width":884,"height":10}},{"id":"30400b1d-b3ae-40f5-9b45-48584ca0b10d","block_type":"box","text":"2026 (the “Liquidation Date”).","page_number":56,"box":{"x":53,"y":777,"width":211,"height":10}},{"id":"b1c07a68-6504-4311-862b-db950ce7d76f","block_type":"box","text":"While the Fund is in the process of liquidating its portfolio, which is anticipated to commence prior to August 12, 2026, the","page_number":56,"box":{"x":52,"y":799,"width":866,"height":10}},{"id":"04ccbc3a-c1c4-4762-a917-55df8e199592","block_type":"box","text":"Fund will hold cash and securities that will not be consistent with its investment objective and strategies and is likely to incur","page_number":56,"box":{"x":53,"y":813,"width":882,"height":11}},{"id":"67dbda64-f642-46e4-89e2-083a163e6c97","block_type":"box","text":"higher tracking error than is typical for the Fund. Furthermore, the Trust cannot assure that there will be a trading market for","page_number":56,"box":{"x":53,"y":827,"width":878,"height":11}},{"id":"c563f759-5386-43e3-a38f-30c47369a8dc","block_type":"box","text":"Fund shares between market close on August 12, 2026 and the Liquidation Date because Fund shares will not be traded on","page_number":56,"box":{"x":53,"y":841,"width":872,"height":11}},{"id":"afa10363-65c0-492d-aac0-58b4b308a787","block_type":"box","text":"NYSE Arca, Inc. (“NYSE Arca”) during that period.","page_number":56,"box":{"x":53,"y":855,"width":344,"height":11}},{"id":"99742406-d123-41c3-b639-2d539a79b2cd","block_type":"box","text":"Shareholders may sell their holdings of the Fund on NYSE Arca until market close on August 12, 2026 and may incur the","page_number":56,"box":{"x":52,"y":877,"width":852,"height":11}},{"id":"fb97a3e1-508a-45bb-9802-f59f0183bfd7","block_type":"box","text":"usual and customary brokerage commissions associated with the sale of Fund shares. 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In addition, the issuer must have current exposure from at least one theme","page_number":57,"box":{"x":53,"y":599,"width":887,"height":11}},{"id":"4d3e4809-ac0b-4db8-8b96-647959735ba0","block_type":"box","text":"and, as determined by Morningstar, must be highly likely to experience at least a 5% increase in net profit over the next five","page_number":57,"box":{"x":53,"y":614,"width":869,"height":10}},{"id":"527355af-8202-4d24-a716-5ffe8ea3ff0b","block_type":"box","text":"years from exposure to that theme.","page_number":57,"box":{"x":52,"y":628,"width":246,"height":11}},{"id":"a5643431-5740-4685-a00e-5936be81b725","block_type":"box","text":"Morningstar research analysts estimate the percentage of total revenue that a company will derive over the next five years","page_number":57,"box":{"x":53,"y":650,"width":861,"height":11}},{"id":"0070a3a0-1ae4-4bb4-abcc-fdedf7757e55","block_type":"box","text":"from its exposure to each theme of the Underlying Index. 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The remaining potential","page_number":57,"box":{"x":53,"y":813,"width":881,"height":11}},{"id":"d0fd2624-eeba-4591-b73d-3bb6ea783c9f","block_type":"box","text":"constituents are designated as Tier 1 or Tier 2. Tier 1 issuers are those with an aggregate score (the sum of all exposure","page_number":57,"box":{"x":53,"y":828,"width":841,"height":10}},{"id":"f5152053-9c48-4797-bcd9-9b896a5b7191","block_type":"box","text":"scores) of 3 or more and at least an aggregate, non-overlapping revenue exposure of 25% across all themes relative to","page_number":57,"box":{"x":52,"y":842,"width":837,"height":11}},{"id":"d4bcc229-6432-49dd-80ee-8090742bd819","block_type":"box","text":"company-wide revenue. Tier 2 issuers are those with an aggregate score of less than 3. Morningstar ranks Tier 2 issuers with","page_number":57,"box":{"x":53,"y":856,"width":878,"height":11}},{"id":"216d6f9b-f312-4754-9239-ea7a035c2e62","block_type":"box","text":"preference given to higher aggregate score, number of themes with higher scores, current index constituents, and smaller","page_number":57,"box":{"x":53,"y":870,"width":862,"height":11}},{"id":"4a10c4c7-72c4-44e8-9935-98005d4ba243","block_type":"box","text":"market capitalization.","page_number":57,"box":{"x":53,"y":885,"width":152,"height":10}},{"id":"677c28e2-00eb-4445-a1eb-f7005a4c155b","block_type":"box","text":"S-49","page_number":57,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"93931736-1a5d-41d4-938f-e6bce5cfe6bb","block_type":"box","text":"All Tier 1 constituents are selected for the Underlying Index. However, if there are fewer than 50 Tier 1 constituents, the","page_number":58,"box":{"x":52,"y":46,"width":838,"height":11}},{"id":"382838e0-81a0-49f2-95e2-deaa58f04616","block_type":"box","text":"shortfall is filled with Tier 2 constituents, and the Underlying Index is capped at 50 constituents.","page_number":58,"box":{"x":52,"y":61,"width":679,"height":10}},{"id":"71c9e625-93f6-4989-8c4a-a73f5d76779d","block_type":"box","text":"Constituents are float-adjusted market capitalization-weighted with a minimum 80% weight, in aggregate, allocated to Tier 1","page_number":58,"box":{"x":53,"y":83,"width":886,"height":10}},{"id":"b434cf79-34a2-4143-9403-281b22b4a2f8","block_type":"box","text":"constituents. Individual Tier 1 constituents have a 6% cap, while individual Tier 2 constituents have a 3% cap. Constituents","page_number":58,"box":{"x":53,"y":97,"width":872,"height":10}},{"id":"c77fa3bc-82a9-4df5-9d6f-9860f18d22f1","block_type":"box","text":"with an aggregate score of 1, or an aggregate score of 2 of which one point comes from Metaverse Platforms, are constrained","page_number":58,"box":{"x":52,"y":111,"width":885,"height":11}},{"id":"0b5ab3cb-cdeb-40d3-beee-15791ec64c56","block_type":"box","text":"to 10% of the Underlying Index. Of the 10% weight, at most only 5% can be in sectors outside of technology or","page_number":58,"box":{"x":52,"y":125,"width":785,"height":11}},{"id":"3b033022-0423-427c-b6b5-a5c98cacae42","block_type":"box","text":"communications. At each rebalance, issuers with weights over 4.5% shall not in aggregate exceed 45% of the Underlying","page_number":58,"box":{"x":53,"y":139,"width":855,"height":11}},{"id":"1d19f2d1-1bbd-4803-ba00-13315277e8db","block_type":"box","text":"Index. In case there is no feasible solution for capping, the Index Provider will loosen constraints until a solution can be found,","page_number":58,"box":{"x":53,"y":153,"width":889,"height":11}},{"id":"730106ed-2e0b-47aa-9a4b-f4d2faf52fcb","block_type":"box","text":"such as reducing the minimum weight of Tier 1 constituents in 1% increments until that capping is feasible.","page_number":58,"box":{"x":52,"y":168,"width":766,"height":10}},{"id":"370d2dc8-7fb7-46db-a478-1b2c60ed8a7d","block_type":"box","text":"The Underlying Index is reconstituted each December and rebalanced quarterly. The themes are reviewed annually by the","page_number":58,"box":{"x":52,"y":190,"width":858,"height":10}},{"id":"61c56d73-434a-44cf-baf6-ba3c2e3fb066","block_type":"box","text":"Index Provider and are subject to change as they evolve, and new themes emerge.","page_number":58,"box":{"x":53,"y":204,"width":576,"height":11}},{"id":"98112046-af9e-4a94-8bcc-9a169e48c428","block_type":"box","text":"The Underlying Index may include large-, mid- and small-capitalization companies and may change over time. As of","page_number":58,"box":{"x":52,"y":226,"width":819,"height":10}},{"id":"7ffc8501-cf39-4f2c-8271-0fa2e11c1ecb","block_type":"box","text":"March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in the","page_number":58,"box":{"x":53,"y":240,"width":790,"height":11}},{"id":"18269650-368f-49e2-87a9-4a23e442315f","block_type":"box","text":"communications, financials and technology industries or sectors. 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BFA uses a","page_number":58,"box":{"x":52,"y":291,"width":853,"height":11}},{"id":"580889c3-e6f8-4df5-a39e-c674e7c859db","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":58,"box":{"x":53,"y":305,"width":839,"height":11}},{"id":"3a628f7e-83fe-4178-9849-06a0c5829b9c","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":58,"box":{"x":53,"y":320,"width":868,"height":11}},{"id":"cb3b460e-6efe-409b-8ecf-804715df364e","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":58,"box":{"x":53,"y":334,"width":851,"height":11}},{"id":"43c40f8c-a25b-4aec-82df-352d27882ee0","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":58,"box":{"x":53,"y":348,"width":806,"height":11}},{"id":"9c9e6cfa-dc10-449a-b93a-048c318964b3","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":58,"box":{"x":53,"y":362,"width":884,"height":11}},{"id":"2d6c50b3-9a3a-49cb-a2ec-3b4a01ad08d3","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":58,"box":{"x":52,"y":376,"width":884,"height":11}},{"id":"d9d28112-98ce-4705-9973-02aaf14dcdfb","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":58,"box":{"x":53,"y":391,"width":852,"height":10}},{"id":"56cab205-78b8-4367-be9d-4975cead463d","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":58,"box":{"x":53,"y":405,"width":867,"height":11}},{"id":"ce5ca327-6a3e-4528-be0e-17d4799abdcf","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":58,"box":{"x":52,"y":419,"width":869,"height":11}},{"id":"65e9628b-be63-4ab3-a771-b8ffbdf27e5e","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":58,"box":{"x":52,"y":433,"width":863,"height":11}},{"id":"29e49115-8b1b-4b7d-a541-dca43642c68c","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":58,"box":{"x":53,"y":447,"width":826,"height":11}},{"id":"44082df1-c932-4438-ac1c-7f25fcc54966","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":58,"box":{"x":53,"y":462,"width":405,"height":10}},{"id":"2180f51d-51f8-48c5-a189-0b8aef5eee18","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":58,"box":{"x":53,"y":485,"width":844,"height":11}},{"id":"7030c0da-b1e6-458e-aeed-85972a402c17","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":58,"box":{"x":53,"y":499,"width":860,"height":11}},{"id":"ca90fff8-c773-4b79-8791-72673375bde3","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":58,"box":{"x":53,"y":513,"width":831,"height":11}},{"id":"b5ea88f5-ca52-4589-8962-ccb0540d61db","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":58,"box":{"x":53,"y":527,"width":817,"height":11}},{"id":"13aeccfc-f9e5-4f5e-b02c-a0cc359ea4d1","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":58,"box":{"x":53,"y":541,"width":818,"height":11}},{"id":"cb0b9d18-68bd-4ebf-ab75-1efa1e352992","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":58,"box":{"x":53,"y":555,"width":835,"height":11}},{"id":"616352dd-97de-4e2e-b6bb-98606dd10d21","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":58,"box":{"x":52,"y":579,"width":873,"height":11}},{"id":"27f906fb-e4d7-48b7-ba6a-d47542837ca4","block_type":"box","text":"collateral received).","page_number":58,"box":{"x":53,"y":593,"width":136,"height":9}},{"id":"de380eb6-b690-436e-bddf-753b84ebf6cd","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":58,"box":{"x":52,"y":616,"width":889,"height":11}},{"id":"40106aac-bfbd-45c9-9b44-3408c887dbd4","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":58,"box":{"x":52,"y":630,"width":884,"height":11}},{"id":"9faf8f47-47b0-4940-8360-5aa2c69033f9","block_type":"box","text":"market value of the Underlying Index.","page_number":58,"box":{"x":53,"y":645,"width":263,"height":10}},{"id":"20783dcb-6d3d-475a-9996-992b0fc0d4eb","block_type":"box","text":"Industry Concentration Policy.","page_number":58,"box":{"x":53,"y":668,"width":224,"height":11}},{"id":"0eedc9a1-2fe5-4a03-89de-c68b7d192b9d","block_type":"box","text":"The Fund will concentrate its investments (","page_number":58,"box":{"x":281,"y":668,"width":304,"height":9}},{"id":"397188b0-6c07-460d-b005-d06358e52b6c","block_type":"box","text":"i.e.","page_number":58,"box":{"x":587,"y":668,"width":17,"height":8}},{"id":"da530ec4-ea75-4d00-9f63-3f8996c2057c","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":58,"box":{"x":606,"y":668,"width":292,"height":10}},{"id":"b107d746-3b60-4138-9b7f-b8737583d170","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":58,"box":{"x":53,"y":682,"width":858,"height":11}},{"id":"264c692f-4b2b-491c-acae-9da653429e11","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":58,"box":{"x":53,"y":696,"width":868,"height":11}},{"id":"771e96d2-4fd8-420b-89f6-0ce702e44945","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":58,"box":{"x":53,"y":710,"width":826,"height":11}},{"id":"29effd0a-5d89-44cf-89c8-a7f52976a574","block_type":"box","text":"Summary of Principal Risks","page_number":58,"box":{"x":52,"y":739,"width":248,"height":14}},{"id":"d7e1850e-cf94-46ab-9ceb-5671060d7d46","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":58,"box":{"x":52,"y":764,"width":881,"height":11}},{"id":"29ba810e-b25e-498c-add3-25d8a115af67","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":58,"box":{"x":53,"y":779,"width":824,"height":10}},{"id":"edbca635-ce03-4134-bb4e-1f4dceaf5b09","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":58,"box":{"x":53,"y":793,"width":807,"height":11}},{"id":"c307b186-9222-4fbf-a16b-a569d2a47d41","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":58,"box":{"x":53,"y":807,"width":844,"height":11}},{"id":"db2740f5-08d0-4c7a-8308-a98500796988","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":58,"box":{"x":52,"y":821,"width":815,"height":11}},{"id":"96ca6e6e-cb43-43a3-a954-d1d9cd047f85","block_type":"box","text":"Metaverse Companies Risk.","page_number":58,"box":{"x":53,"y":844,"width":202,"height":11}},{"id":"1e269d30-9e3a-4065-a77c-d9fbea22bb94","block_type":"box","text":"Metaverse companies are subject to various risks, including those associated with limited","page_number":58,"box":{"x":261,"y":845,"width":631,"height":10}},{"id":"dbabb757-0a82-4ecf-8987-924dadbff901","block_type":"box","text":"product lines, markets, financial resources or personnel, intense competition, potentially rapid product obsolescence,","page_number":58,"box":{"x":53,"y":859,"width":829,"height":10}},{"id":"59ee35a7-a4dd-4850-89a8-023d78a7f61e","block_type":"box","text":"impairment of intellectual property rights, disruptions in service, cybersecurity attacks, and changes in regulation.","page_number":58,"box":{"x":53,"y":873,"width":807,"height":11}},{"id":"7066c9f6-d457-4a15-a843-8d88c0961db5","block_type":"box","text":"Companies that initially develop, or benefit from the sale or use of, metaverse products or technologies may not be able to","page_number":58,"box":{"x":53,"y":887,"width":859,"height":11}},{"id":"704d516a-4115-4528-9fb9-7193adc2048b","block_type":"box","text":"capitalize on such products or technologies. Metaverse companies may also be substantially exposed to the market and","page_number":58,"box":{"x":53,"y":901,"width":846,"height":11}},{"id":"aad1ede3-9bd5-4328-bcc9-95e3fab68dc4","block_type":"box","text":"S-50","page_number":58,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"83b41e75-7083-44a1-b727-7df61fe8d528","block_type":"box","text":"business risks of industries or sectors other than the metaverse theme for which they are chosen for the Underlying Index,","page_number":59,"box":{"x":53,"y":46,"width":861,"height":11}},{"id":"e30dabf3-3c08-4036-a4b5-983e30e7b565","block_type":"box","text":"and the Fund may be adversely affected by negative developments impacting those companies, industries or sectors. In","page_number":59,"box":{"x":53,"y":61,"width":845,"height":10}},{"id":"295b055f-5de8-459d-bc2c-d6220a308d15","block_type":"box","text":"addition, the Fund may invest in a company that currently derives only minimal revenue from metaverse products or","page_number":59,"box":{"x":53,"y":75,"width":820,"height":11}},{"id":"184e217b-8731-41ab-9e4a-928a3074177d","block_type":"box","text":"technologies.","page_number":59,"box":{"x":52,"y":89,"width":95,"height":11}},{"id":"ce565fe7-9c71-4ff3-811b-8f0e33e24006","block_type":"box","text":"Technology Companies Risk.","page_number":59,"box":{"x":52,"y":112,"width":211,"height":11}},{"id":"c4367feb-aa11-459f-ba66-2e2d01f7e4a5","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":59,"box":{"x":267,"y":112,"width":657,"height":11}},{"id":"721ad6a7-1339-4e02-9329-f16286b1b5a9","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. 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Technology companies may face increased government scrutiny and may be subject to adverse","page_number":59,"box":{"x":53,"y":183,"width":870,"height":11}},{"id":"27cd58ab-401e-4cd0-8296-ed386ac673a0","block_type":"box","text":"government or legal action.","page_number":59,"box":{"x":53,"y":197,"width":192,"height":11}},{"id":"b6d60cef-ccd7-4875-86cd-3394a0347593","block_type":"box","text":"Thematic Investing Risk.","page_number":59,"box":{"x":52,"y":220,"width":182,"height":11}},{"id":"11d1f023-72b6-4e32-ad54-49ec0e9ddcba","block_type":"box","text":"The Fund relies on the Index Provider to identify securities that reflect the relevant themes and","page_number":59,"box":{"x":238,"y":220,"width":668,"height":11}},{"id":"70a1a506-2ba2-4d8c-8328-c54cff2c6735","block_type":"box","text":"sub-themes for inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the","page_number":59,"box":{"x":52,"y":235,"width":882,"height":10}},{"id":"7d9e48c5-e383-4079-b418-ec478a44efc4","block_type":"box","text":"intended theme and sub-theme exposures. The Fund’s performance may suffer if such securities are not correctly identified,","page_number":59,"box":{"x":53,"y":249,"width":878,"height":11}},{"id":"6a74e64d-c818-44e4-a21f-25d0ceaeed7d","block_type":"box","text":"if a theme or sub-theme develops in an unexpected manner, or if securities in the Underlying Index do not benefit from the","page_number":59,"box":{"x":53,"y":263,"width":864,"height":11}},{"id":"f9f17f41-31e6-46a4-82ea-627fff1814bc","block_type":"box","text":"development of a theme or sub-theme. The Fund’s performance may also be impacted if securities that are not related to the","page_number":59,"box":{"x":53,"y":277,"width":879,"height":11}},{"id":"e2f1374d-a5e5-40e6-875a-02691dba19a4","block_type":"box","text":"theme or sub-theme are included in the Underlying Index.","page_number":59,"box":{"x":52,"y":292,"width":410,"height":10}},{"id":"2c66ace4-e658-4dd0-aaa7-416fa39f768b","block_type":"box","text":"Equity Securities Risk.","page_number":59,"box":{"x":53,"y":314,"width":164,"height":11}},{"id":"fab3fca6-5d64-4523-b627-fb0a5e04fdbf","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":59,"box":{"x":223,"y":315,"width":709,"height":10}},{"id":"4a28061e-10bd-48fd-89f7-1dc2af17d903","block_type":"box","text":"other asset classes. 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Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":59,"box":{"x":53,"y":357,"width":867,"height":11}},{"id":"514cc595-4bc4-4de0-b9b8-4ffa71ad51ed","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":59,"box":{"x":53,"y":371,"width":339,"height":11}},{"id":"664abea9-4106-49d8-89af-cdca5e688976","block_type":"box","text":"Market Risk.","page_number":59,"box":{"x":53,"y":394,"width":91,"height":9}},{"id":"7886e87d-e032-4626-8b7d-2fac92acb0cc","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":59,"box":{"x":148,"y":395,"width":768,"height":10}},{"id":"2ee6ac33-b49b-4845-bac6-1c68bfed0d7d","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":59,"box":{"x":53,"y":409,"width":882,"height":10}},{"id":"ea4f88e1-f016-4ca2-a843-ddb8ed32a9e8","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":59,"box":{"x":53,"y":423,"width":858,"height":11}},{"id":"ce71524f-dc77-40fb-8420-4d9fc1904fd2","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":59,"box":{"x":53,"y":437,"width":875,"height":11}},{"id":"d364f9de-b083-4e37-bf6c-cf26928a6231","block_type":"box","text":"Fund’s NAV.","page_number":59,"box":{"x":53,"y":451,"width":82,"height":9}},{"id":"24f39214-8869-4b6d-a6ee-338349701061","block_type":"box","text":"Index-Related Risk.","page_number":59,"box":{"x":53,"y":474,"width":143,"height":9}},{"id":"9b93066b-57b2-45dc-a1eb-dbcbb2aa6c46","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":59,"box":{"x":201,"y":474,"width":742,"height":11}},{"id":"9e8a542c-7647-4a80-90ea-62d71d9ba98b","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":59,"box":{"x":53,"y":489,"width":856,"height":10}},{"id":"7911edbc-71be-4c7b-bee7-cb494296a48c","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":59,"box":{"x":53,"y":503,"width":852,"height":11}},{"id":"66c21c4e-f60d-4809-b495-44fc24ad4755","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":59,"box":{"x":53,"y":517,"width":876,"height":11}},{"id":"517b2ef1-aa9b-4271-9e2d-bcd3ba9d2dfd","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":59,"box":{"x":52,"y":531,"width":849,"height":11}},{"id":"910c150c-8404-484b-a77c-39c700209646","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":59,"box":{"x":53,"y":545,"width":849,"height":11}},{"id":"90d151d8-62eb-4351-a400-0a146fc5408a","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":59,"box":{"x":53,"y":559,"width":890,"height":11}},{"id":"5d07feb1-cefe-45ae-b550-26e45ae0a229","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":59,"box":{"x":53,"y":574,"width":853,"height":10}},{"id":"4f017f42-bdb9-42d8-99ea-3afce66b8b67","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":59,"box":{"x":53,"y":588,"width":539,"height":11}},{"id":"8e8b788d-4e81-402a-a70a-50121a691f2a","block_type":"box","text":"Asset Class Risk.","page_number":59,"box":{"x":52,"y":611,"width":122,"height":9}},{"id":"1bc5c0fc-2be9-4108-a38a-5d5e3e7151f2","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":59,"box":{"x":179,"y":611,"width":721,"height":11}},{"id":"0104b194-1365-46fa-8137-34b510b883b8","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":59,"box":{"x":53,"y":625,"width":774,"height":11}},{"id":"907c7a36-fec5-4305-912c-fd666e0b30f9","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":59,"box":{"x":52,"y":648,"width":291,"height":11}},{"id":"395d1b47-80e9-46b5-9cdc-3535dac69e9f","block_type":"box","text":"From time to time, an Authorized Participant (as defined below in","page_number":59,"box":{"x":349,"y":648,"width":457,"height":11}},{"id":"756c1817-f96f-4b71-aa62-7b4c3667e7fd","block_type":"box","text":"Authorized","page_number":59,"box":{"x":811,"y":649,"width":76,"height":8}},{"id":"0a9628f9-b70c-434f-8508-ee6dcd5a08cd","block_type":"box","text":"Participant Concentration Risk","page_number":59,"box":{"x":53,"y":663,"width":214,"height":10}},{"id":"99d203f8-5ff3-47c2-9348-8f8036b89b29","block_type":"box","text":"), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund","page_number":59,"box":{"x":267,"y":663,"width":648,"height":10}},{"id":"f2165b60-a581-4688-9c2b-356eb48d3def","block_type":"box","text":"may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There","page_number":59,"box":{"x":53,"y":677,"width":866,"height":11}},{"id":"6fd5ea74-cd3a-40f6-ae18-f4084b541b21","block_type":"box","text":"can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at","page_number":59,"box":{"x":53,"y":691,"width":889,"height":11}},{"id":"7634e035-1f63-4330-a324-5145f93fec7f","block_type":"box","text":"such levels, which could negatively impact the Fund.","page_number":59,"box":{"x":52,"y":705,"width":371,"height":11}},{"id":"075edb75-7902-4cbf-99a8-40dbe75a4f53","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":59,"box":{"x":52,"y":728,"width":318,"height":11}},{"id":"ef356147-a3cb-4a03-a1b9-9f1fde4ceb57","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":59,"box":{"x":374,"y":728,"width":531,"height":11}},{"id":"a617c2c7-e345-407f-b6b3-96c4d57ffd96","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":59,"box":{"x":53,"y":743,"width":810,"height":10}},{"id":"a028ed15-e458-4026-9c6f-312d00b47888","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":59,"box":{"x":52,"y":757,"width":816,"height":11}},{"id":"9815809c-57ea-409e-af0e-0ebc43337444","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":59,"box":{"x":52,"y":771,"width":884,"height":11}},{"id":"1141e416-bee8-4127-9e33-f58fc45dfe97","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":59,"box":{"x":53,"y":785,"width":871,"height":11}},{"id":"708ecb5b-34bd-48a8-a7c6-1f486343f865","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":59,"box":{"x":53,"y":799,"width":846,"height":11}},{"id":"48e4eee0-28a6-4764-89e2-07f00ecbef9b","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":59,"box":{"x":52,"y":813,"width":881,"height":11}},{"id":"e8e2ccdf-9c7c-4482-833a-ddf48d918f12","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":59,"box":{"x":53,"y":828,"width":853,"height":10}},{"id":"cf5d3e11-58e9-41c6-b7d4-67299a20410a","block_type":"box","text":"halts or delisting.","page_number":59,"box":{"x":53,"y":842,"width":121,"height":11}},{"id":"9fef3064-989a-4715-8c33-ad75d4989148","block_type":"box","text":"Communications Companies Risk.","page_number":59,"box":{"x":53,"y":865,"width":251,"height":10}},{"id":"a54486f4-7905-4ca0-88c3-7ccf02a7f502","block_type":"box","text":"Companies in the communications industry (“communications companies”) include","page_number":59,"box":{"x":310,"y":865,"width":594,"height":11}},{"id":"3b0cc2e4-a7eb-438c-b10e-6b325b914442","block_type":"box","text":"telecommunications and media companies. Communications companies face risks related to cybersecurity incidents, data","page_number":59,"box":{"x":52,"y":879,"width":868,"height":11}},{"id":"b9e0db56-b8c3-4ed3-9fff-b946a079fc30","block_type":"box","text":"S-51","page_number":59,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"42200458-0bfc-4907-a11f-d12f9c6b5fe8","block_type":"box","text":"breaches, new technologies, substantial capital requirements, government regulation, cyclicality of revenues and earnings,","page_number":60,"box":{"x":53,"y":46,"width":869,"height":11}},{"id":"69908d65-29c6-4ca2-870e-787e91ab9fdc","block_type":"box","text":"obsolescence of products and services, and changes in consumer preferences and expectations, among other things.","page_number":60,"box":{"x":53,"y":61,"width":830,"height":10}},{"id":"b31c9450-64d1-49c9-8562-f0df8a8bf484","block_type":"box","text":"Concentration Risk.","page_number":60,"box":{"x":53,"y":84,"width":145,"height":8}},{"id":"af488bca-4dd9-4f7e-ba5e-4df73b0d28aa","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":60,"box":{"x":202,"y":84,"width":711,"height":11}},{"id":"96193c05-4404-4e8a-9ff0-e486813af62f","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":60,"box":{"x":53,"y":98,"width":884,"height":10}},{"id":"c2755ea6-111f-4ac3-be8a-cdf5dc270480","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":60,"box":{"x":52,"y":112,"width":887,"height":11}},{"id":"2e4f97ee-0da8-4d93-93b3-26885bc59852","block_type":"box","text":"asset classes.","page_number":60,"box":{"x":53,"y":127,"width":95,"height":8}},{"id":"099efea8-e6f8-4d78-852e-799ebbe48929","block_type":"box","text":"Currency Risk.","page_number":60,"box":{"x":53,"y":149,"width":106,"height":11}},{"id":"2d125d5e-f2ca-4e8b-b107-80165e9a6007","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":60,"box":{"x":164,"y":149,"width":751,"height":11}},{"id":"2025654d-6878-4ef2-9412-f53752edbc4f","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":60,"box":{"x":53,"y":164,"width":842,"height":11}},{"id":"e500b992-8caf-422f-af38-7f17337233a4","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":60,"box":{"x":52,"y":178,"width":854,"height":11}},{"id":"fe3ec261-1516-402e-b046-835eb9b75cf5","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":60,"box":{"x":53,"y":192,"width":869,"height":11}},{"id":"eebad71b-1aa9-43e9-a704-a1f924614627","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":60,"box":{"x":53,"y":206,"width":309,"height":11}},{"id":"15bcf1e0-b965-4615-96bf-f076dbf5073a","block_type":"box","text":"Custody Risk.","page_number":60,"box":{"x":53,"y":229,"width":99,"height":11}},{"id":"09f3c693-d0e1-4c2f-8139-1ff18a0d19ae","block_type":"box","text":"Less developed securities markets are more likely to experience problems with the clearing and settlement of","page_number":60,"box":{"x":158,"y":229,"width":769,"height":11}},{"id":"9f0b2b6b-1b37-472f-9a39-db0f16b5c825","block_type":"box","text":"trades, as well as the custody of securities and other assets by local banks, agents and depositories. These issues may have an","page_number":60,"box":{"x":52,"y":244,"width":890,"height":10}},{"id":"85b31ed9-e3cd-433a-91da-8fbe1ac97322","block_type":"box","text":"adverse impact on the Fund, including losses or delays in payments, delivery or recovery of money or other assets.","page_number":60,"box":{"x":53,"y":258,"width":804,"height":11}},{"id":"188a9c3e-976c-48e1-a458-52ce8f5dfdee","block_type":"box","text":"Financial Companies Risk.","page_number":60,"box":{"x":53,"y":281,"width":193,"height":11}},{"id":"3f3f1cdb-ab01-49a7-ab82-4cc8efe79cf5","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":60,"box":{"x":251,"y":281,"width":683,"height":11}},{"id":"a601df63-b474-4996-a5de-8b30e39f298e","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":60,"box":{"x":52,"y":295,"width":864,"height":11}},{"id":"2a310a5b-fa42-432b-b977-ddc3bf0c918f","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":60,"box":{"x":53,"y":310,"width":812,"height":10}},{"id":"c7e24df2-495d-402c-a280-82635004e13d","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":60,"box":{"x":52,"y":324,"width":880,"height":10}},{"id":"ba00a732-fb85-476a-8238-5fe75cc734cf","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":60,"box":{"x":53,"y":338,"width":612,"height":11}},{"id":"a6ddb3a9-9be9-4e4b-82f8-bbeec9eb1f52","block_type":"box","text":"Issuer Risk.","page_number":60,"box":{"x":53,"y":361,"width":83,"height":8}},{"id":"7a587c31-e5a1-4538-9171-c04c76383529","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":60,"box":{"x":140,"y":361,"width":780,"height":10}},{"id":"c609c353-bf49-493e-abb8-1daf25e9904e","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":60,"box":{"x":53,"y":375,"width":886,"height":11}},{"id":"4b535485-b104-4472-bc45-9c5745453f2b","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":60,"box":{"x":52,"y":389,"width":576,"height":11}},{"id":"5b6f8b24-523d-4653-885f-1b0892521566","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":60,"box":{"x":53,"y":412,"width":278,"height":11}},{"id":"cbcdc24d-1f85-401b-85b7-91cfe6f57e02","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":60,"box":{"x":337,"y":413,"width":540,"height":10}},{"id":"df19950f-7c3b-45b7-a7bf-d652b64f9791","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":60,"box":{"x":53,"y":427,"width":890,"height":11}},{"id":"bc0caef1-6862-4d77-a87d-113be5c6bc2b","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":60,"box":{"x":53,"y":441,"width":868,"height":11}},{"id":"6684beeb-004c-4218-b990-6487f5ec1c58","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":60,"box":{"x":53,"y":455,"width":709,"height":11}},{"id":"026107b2-03fb-4275-88ef-4c529f6b7a70","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":60,"box":{"x":53,"y":478,"width":395,"height":11}},{"id":"30ba01bc-4862-4078-9f65-4a0170d6eff0","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":60,"box":{"x":453,"y":478,"width":410,"height":11}},{"id":"6257641a-f018-49c9-9521-e4b0e971746e","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":60,"box":{"x":53,"y":492,"width":883,"height":11}},{"id":"10060416-1e48-4fad-b9c2-ac3432772183","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":60,"box":{"x":52,"y":507,"width":884,"height":10}},{"id":"9306461b-42cd-4e40-98b5-867c896fbe3d","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":60,"box":{"x":53,"y":521,"width":872,"height":11}},{"id":"14041d81-b7db-4d42-9167-f7b2fb7dbb2b","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":60,"box":{"x":53,"y":535,"width":812,"height":11}},{"id":"686ebd7b-cd92-493f-8733-d4f71a4a2394","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":60,"box":{"x":53,"y":549,"width":890,"height":11}},{"id":"18f4ab9b-d86f-482a-8a0a-876ce64f13fa","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":60,"box":{"x":52,"y":564,"width":891,"height":9}},{"id":"21fdd84b-0a9b-4441-bdb9-7c7028040cca","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":60,"box":{"x":53,"y":578,"width":836,"height":10}},{"id":"65d594b5-2154-4001-92d9-f0c6e66da64b","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":60,"box":{"x":53,"y":592,"width":810,"height":11}},{"id":"3abbe63a-c333-4ba2-977b-b3f5e1c650dc","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":60,"box":{"x":53,"y":606,"width":861,"height":11}},{"id":"e11315a6-d30c-42d6-afa5-9349d0ccabbb","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":60,"box":{"x":53,"y":620,"width":875,"height":11}},{"id":"38b8af23-7090-4f3e-a7bf-18e9efa91ec3","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":60,"box":{"x":52,"y":634,"width":654,"height":11}},{"id":"1f70398d-353f-4532-a747-456f05bd5e93","block_type":"box","text":"Management Risk.","page_number":60,"box":{"x":53,"y":657,"width":137,"height":11}},{"id":"ceec0cdd-0a8b-40fb-bc8e-9ea6d8148a42","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":60,"box":{"x":194,"y":657,"width":711,"height":11}},{"id":"97ac417f-31bd-4f49-8210-b0563811990f","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":60,"box":{"x":53,"y":672,"width":877,"height":10}},{"id":"7e7de3db-65f6-41be-af37-6a8f261c0f25","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":60,"box":{"x":53,"y":686,"width":859,"height":11}},{"id":"290814a4-8609-4389-98a9-5bdfd2bb0cb7","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":60,"box":{"x":52,"y":700,"width":848,"height":11}},{"id":"c6282d12-4ce6-41fb-8544-d41c22ca17f3","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":60,"box":{"x":53,"y":714,"width":756,"height":11}},{"id":"f9dc012e-a27c-4a36-84b2-27d18e9398fc","block_type":"box","text":"Market Trading Risk.","page_number":60,"box":{"x":53,"y":737,"width":152,"height":11}},{"id":"350eb506-04b1-4950-9160-730a87d46e14","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":60,"box":{"x":209,"y":737,"width":694,"height":11}},{"id":"6299a301-bb32-4317-9427-f79bfff4efa5","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":60,"box":{"x":53,"y":751,"width":841,"height":11}},{"id":"aa8a8c2a-b510-4681-8559-eae257df295c","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":60,"box":{"x":53,"y":766,"width":887,"height":11}},{"id":"dc44fb8a-098a-4f4c-befe-41d6737f2fa9","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":60,"box":{"x":52,"y":780,"width":839,"height":11}},{"id":"c1347b9b-e14f-434d-85a1-420598677270","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":60,"box":{"x":53,"y":794,"width":866,"height":11}},{"id":"68c9a54f-81a4-47ea-b718-546c5a12eadc","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":60,"box":{"x":52,"y":808,"width":885,"height":11}},{"id":"33229310-69f1-4fd8-b455-2fac47113099","block_type":"box","text":"of the Fund shares.","page_number":60,"box":{"x":53,"y":822,"width":134,"height":9}},{"id":"c492f415-2855-4bc9-b0eb-919937899249","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":60,"box":{"x":53,"y":846,"width":264,"height":10}},{"id":"40af2647-b756-4adc-aad0-191820ce8c42","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":60,"box":{"x":323,"y":846,"width":590,"height":11}},{"id":"07f0bd0f-8252-489f-88db-7e43249973f0","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":60,"box":{"x":53,"y":860,"width":846,"height":11}},{"id":"37525add-8531-41c3-8d75-2af37ed8dd11","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":60,"box":{"x":52,"y":874,"width":875,"height":11}},{"id":"46964015-590d-4bc9-a21c-91bd10357061","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":60,"box":{"x":52,"y":888,"width":529,"height":11}},{"id":"4381d9eb-4ee7-489b-b459-f6f0b8ee9487","block_type":"box","text":"S-52","page_number":60,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"81b1772a-e432-40fc-b6b3-457b201b5fb3","block_type":"box","text":"National Closed Market Trading Risk.","page_number":61,"box":{"x":53,"y":46,"width":273,"height":11}},{"id":"15f6d9a2-9212-4f3e-b247-4459a7b0dfb7","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":61,"box":{"x":330,"y":46,"width":544,"height":11}},{"id":"9b157334-e215-4774-bc42-ac663f7cbb52","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":61,"box":{"x":53,"y":61,"width":874,"height":10}},{"id":"677a60cd-8f6c-4d01-9510-048fe63695cc","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":61,"box":{"x":52,"y":75,"width":651,"height":11}},{"id":"07cacb4a-dd67-4a7c-a1c7-6a66e9233860","block_type":"box","text":"i.e","page_number":61,"box":{"x":704,"y":75,"width":15,"height":8}},{"id":"c24c93c3-9f74-40a0-978d-fc4bd0163a3e","block_type":"box","text":"., the quote from the closed","page_number":61,"box":{"x":720,"y":75,"width":191,"height":10}},{"id":"f80850bd-58ee-4b83-adb0-f00c1d216534","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":61,"box":{"x":52,"y":89,"width":880,"height":11}},{"id":"8dbd391c-5a88-4bc7-b43a-b6930a3da032","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":61,"box":{"x":52,"y":103,"width":849,"height":11}},{"id":"b6b046d3-5da9-4eb1-a694-438ead10d4bd","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":61,"box":{"x":53,"y":117,"width":850,"height":11}},{"id":"43b55f2b-1594-450f-a31f-a2764332fc23","block_type":"box","text":"funds.","page_number":61,"box":{"x":52,"y":131,"width":44,"height":9}},{"id":"d4f30e88-eac6-4195-aae6-f5eb0cd2117b","block_type":"box","text":"Non-Diversification Risk.","page_number":61,"box":{"x":53,"y":155,"width":184,"height":8}},{"id":"a3cd3ca2-b977-4ee7-b432-ce77de56eef3","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":61,"box":{"x":242,"y":155,"width":633,"height":10}},{"id":"bbaf751e-62cf-44a7-bad0-6fb42ee6e584","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":61,"box":{"x":53,"y":169,"width":802,"height":11}},{"id":"7ea024b8-ceee-4bc7-9ee4-bda54a71e26d","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":61,"box":{"x":53,"y":183,"width":888,"height":11}},{"id":"e5320c8a-fa0e-4069-83e8-ef416b6b2543","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":61,"box":{"x":53,"y":197,"width":876,"height":11}},{"id":"61949658-2158-4160-82a5-af6c359b7f8b","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":61,"box":{"x":53,"y":211,"width":696,"height":11}},{"id":"7a92d5b5-ca18-4e48-9846-cfad25faf0f0","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":61,"box":{"x":53,"y":235,"width":182,"height":8}},{"id":"4c29acef-0756-453a-837c-d71f55695308","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":61,"box":{"x":240,"y":235,"width":687,"height":10}},{"id":"476dd6e1-966b-4ec9-97e3-3ce3bc8c2a93","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":61,"box":{"x":53,"y":249,"width":853,"height":11}},{"id":"839ee20a-add4-4cbe-9b76-a812badfd700","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":61,"box":{"x":52,"y":263,"width":847,"height":11}},{"id":"7c8e01c5-11c6-4696-862c-60d553be8c7b","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":61,"box":{"x":53,"y":277,"width":889,"height":11}},{"id":"05170782-45b7-4f60-8571-a4eae79d307d","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":61,"box":{"x":53,"y":291,"width":842,"height":11}},{"id":"d2d98d6b-0f11-4089-88bc-85b2e4e6e3c5","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":61,"box":{"x":53,"y":306,"width":831,"height":10}},{"id":"7a5c63df-d62b-4388-9639-deab6c91c245","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":61,"box":{"x":53,"y":320,"width":821,"height":11}},{"id":"30b7c1f4-89d3-4bff-9166-6e375dafacf5","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":61,"box":{"x":53,"y":334,"width":871,"height":11}},{"id":"6b11efdf-c4ba-432f-820a-8e752feeffb4","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":61,"box":{"x":53,"y":348,"width":289,"height":11}},{"id":"6cee972f-5726-479a-ac69-9bfef2c47719","block_type":"box","text":"Asian Economic Risk","page_number":61,"box":{"x":346,"y":348,"width":154,"height":9}},{"id":"dce65026-c3ad-478c-9f5d-1dc9885792b5","block_type":"box","text":".","page_number":61,"box":{"x":501,"y":355,"width":2,"height":1}},{"id":"42a15808-a0f0-4369-9fd6-0a0671207b1b","block_type":"box","text":"Operational and Technology Risks.","page_number":61,"box":{"x":53,"y":371,"width":254,"height":11}},{"id":"8d045253-8f28-48cd-b288-6571b9972497","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":61,"box":{"x":312,"y":371,"width":581,"height":11}},{"id":"a36bd369-edd1-4b54-9646-8137efa8b776","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":61,"box":{"x":53,"y":385,"width":876,"height":11}},{"id":"565c48f7-2ca7-4e88-829a-4423b1e2fff6","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":61,"box":{"x":53,"y":399,"width":879,"height":11}},{"id":"47bff136-dfa1-46c6-91e8-8663d3218073","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":61,"box":{"x":53,"y":414,"width":825,"height":11}},{"id":"9093227a-5eaf-4ea2-918a-826aebd192ca","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":61,"box":{"x":53,"y":428,"width":862,"height":11}},{"id":"793a1da3-ac20-45d8-95ba-67dce266f51d","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":61,"box":{"x":53,"y":442,"width":872,"height":11}},{"id":"14e30d37-a43a-407a-863a-ad3cb2393efa","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":61,"box":{"x":53,"y":456,"width":824,"height":11}},{"id":"f7a5686d-bda0-45a4-a136-05fc79e6332e","block_type":"box","text":"Risk of Investing in China.","page_number":61,"box":{"x":53,"y":479,"width":191,"height":11}},{"id":"4e73f98d-042f-4dfc-8803-9cbbf8b42a05","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":61,"box":{"x":250,"y":480,"width":678,"height":10}},{"id":"2d902760-85c2-4f03-a4d3-b45c5af407a5","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":61,"box":{"x":53,"y":494,"width":819,"height":11}},{"id":"422ffd98-f659-45f3-94ce-f6bdc3a69547","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":61,"box":{"x":53,"y":508,"width":866,"height":11}},{"id":"ed64b05e-17df-4fbf-b606-60f39c860005","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":61,"box":{"x":53,"y":522,"width":866,"height":11}},{"id":"f600efb7-ad42-4094-914c-28df30e04034","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":61,"box":{"x":52,"y":536,"width":841,"height":11}},{"id":"00721155-1b49-403d-a76d-aab04cec6fb2","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":61,"box":{"x":53,"y":550,"width":864,"height":11}},{"id":"dbbaa939-4151-436f-8224-9ce1b688234d","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":61,"box":{"x":52,"y":565,"width":861,"height":10}},{"id":"36882650-eebf-4b71-b4a0-e627d301ff41","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":61,"box":{"x":53,"y":579,"width":869,"height":11}},{"id":"6cf1cf0a-1187-413e-be2f-1e1fb0d1f52f","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":61,"box":{"x":53,"y":593,"width":783,"height":11}},{"id":"af03db91-a93a-400f-acee-8cb0c6886a5f","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":61,"box":{"x":53,"y":616,"width":887,"height":11}},{"id":"966b0400-b4aa-4d1e-a406-57383c9d3616","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":61,"box":{"x":52,"y":630,"width":834,"height":11}},{"id":"a79aff57-1737-43cb-98f0-17f2c516a63b","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":61,"box":{"x":52,"y":645,"width":845,"height":10}},{"id":"1ed7ab6b-bbfb-4bd3-9ddf-24c5788ceb12","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":61,"box":{"x":53,"y":659,"width":876,"height":11}},{"id":"2545937c-fd76-40e1-84c7-c7d0623e561f","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":61,"box":{"x":53,"y":673,"width":834,"height":11}},{"id":"91f52069-c0db-46bc-bc03-7a58925b2e18","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":61,"box":{"x":53,"y":687,"width":421,"height":11}},{"id":"96d7ad1e-812f-4229-9ced-b3b7d10a0006","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":61,"box":{"x":52,"y":710,"width":849,"height":11}},{"id":"f2eeb742-f17d-46bd-a3be-ead20140ee0e","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":61,"box":{"x":53,"y":724,"width":886,"height":11}},{"id":"d71b9647-759c-4953-88ca-ed6e296f25e0","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":61,"box":{"x":53,"y":739,"width":878,"height":11}},{"id":"da0b8b74-2640-4466-a93d-53fa67205d94","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":61,"box":{"x":53,"y":753,"width":874,"height":11}},{"id":"b61b483e-8d8a-4b55-83cb-ae5440c0982d","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":61,"box":{"x":53,"y":767,"width":878,"height":11}},{"id":"d0551c71-8a0f-4c35-acc5-9176999205ef","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":61,"box":{"x":53,"y":781,"width":807,"height":11}},{"id":"fdb9c404-0c98-4795-867b-18d34d67d820","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":61,"box":{"x":53,"y":796,"width":890,"height":10}},{"id":"1d18da89-dc94-4cc0-a0c9-9c551d1d1df7","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":61,"box":{"x":52,"y":810,"width":471,"height":10}},{"id":"80869a8e-b479-45ba-a6b2-bd21c18c595b","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":61,"box":{"x":53,"y":833,"width":883,"height":11}},{"id":"b10fd2ab-e2bd-4feb-a622-7b7480d63780","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":61,"box":{"x":53,"y":847,"width":850,"height":11}},{"id":"760033f8-bbd9-461d-98d5-6813c5ed52b2","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":61,"box":{"x":53,"y":861,"width":861,"height":11}},{"id":"458f1f49-6eda-4e2e-9fe7-98592853db87","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":61,"box":{"x":53,"y":875,"width":850,"height":11}},{"id":"c6b14b55-8231-4542-8336-d8123511a940","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":61,"box":{"x":53,"y":890,"width":883,"height":10}},{"id":"4c8c377a-5683-4b32-b657-5c8e701339eb","block_type":"box","text":"S-53","page_number":61,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"cc65ca46-49dd-42d3-8102-eff9b43022ae","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":62,"box":{"x":52,"y":46,"width":860,"height":11}},{"id":"615ce89c-4237-4c27-9871-ee1de22a4582","block_type":"box","text":"have limited legal remedies.","page_number":62,"box":{"x":53,"y":61,"width":196,"height":10}},{"id":"85e350ed-686f-4d1d-9bfa-b06ed2c740cf","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":62,"box":{"x":53,"y":84,"width":845,"height":11}},{"id":"277ed54c-3de7-4b53-a7cb-12cb065bc36e","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":62,"box":{"x":52,"y":98,"width":836,"height":11}},{"id":"3c0f0293-861c-4a12-93c5-6fa7d21c7ebf","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":62,"box":{"x":53,"y":112,"width":851,"height":11}},{"id":"9eace82b-98de-441c-b10d-2e6f3a89ec0d","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":62,"box":{"x":52,"y":126,"width":779,"height":11}},{"id":"49461b49-9746-4f47-ae2f-9cb004e57568","block_type":"box","text":"considerations.","page_number":62,"box":{"x":53,"y":141,"width":107,"height":8}},{"id":"bc96569f-ccd8-45e8-9a65-3b6c8ffafbd0","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":62,"box":{"x":53,"y":164,"width":285,"height":11}},{"id":"c059a486-660c-4904-bb41-7b5615b1187b","block_type":"box","text":"Investments in emerging markets may be subject to a greater risk of loss than","page_number":62,"box":{"x":344,"y":164,"width":547,"height":11}},{"id":"ea67c9e3-ed90-4bd2-9a10-e8ddc2da494b","block_type":"box","text":"investments in more developed markets. The risks of emerging markets may include, among others, greater market volatility;","page_number":62,"box":{"x":53,"y":178,"width":880,"height":11}},{"id":"db9b785f-3962-4b8c-a183-ff74c27cc4a0","block_type":"box","text":"political, legal, economic, and social instability; less developed securities markets, including settlement, custody and","page_number":62,"box":{"x":53,"y":192,"width":822,"height":11}},{"id":"56d102c5-e19d-4c9c-99fe-4c937a5c8e0e","block_type":"box","text":"valuation processes; government expropriation or nationalization of assets; greater volatility in currency exchange rates; more","page_number":62,"box":{"x":52,"y":206,"width":891,"height":11}},{"id":"7a299bab-2ace-4a3c-9f4d-03af6341c628","block_type":"box","text":"capital controls; less governmental supervision and regulation; and less stringent accounting, auditing and disclosure","page_number":62,"box":{"x":53,"y":221,"width":834,"height":10}},{"id":"5806a3e7-978f-4040-b2f4-3352fc04d1d1","block_type":"box","text":"requirements. There may be significant obstacles to obtaining information necessary for investigations into or litigation","page_number":62,"box":{"x":53,"y":235,"width":845,"height":10}},{"id":"1622037c-5559-4db5-b6a0-791ca2150507","block_type":"box","text":"against companies, and shareholders may have limited legal remedies. The Fund does not select investments based on","page_number":62,"box":{"x":53,"y":249,"width":841,"height":11}},{"id":"e3beafb1-6444-4f6c-bc30-87aec0fc84ff","block_type":"box","text":"investor protection considerations. Emerging market securities may face liquidity challenges, and the Fund may be unable to","page_number":62,"box":{"x":53,"y":263,"width":884,"height":11}},{"id":"c5d816cd-3d39-4e37-82e3-3c569ff8d3a9","block_type":"box","text":"liquidate its positions in such securities at a favorable time or price.","page_number":62,"box":{"x":53,"y":277,"width":475,"height":11}},{"id":"8d88026f-c117-4964-9030-4bf4b3071610","block_type":"box","text":"Risk of Investing in the U.S.","page_number":62,"box":{"x":53,"y":300,"width":200,"height":11}},{"id":"324aeb16-25a2-439d-bf39-8614de621a5f","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":62,"box":{"x":259,"y":300,"width":663,"height":11}},{"id":"20d76fc2-307d-426d-a20e-12d75577ce0e","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":62,"box":{"x":53,"y":315,"width":877,"height":10}},{"id":"c565d8d8-cbba-4cb9-9735-55bbfbf5a55e","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":62,"box":{"x":53,"y":329,"width":470,"height":11}},{"id":"ef140f20-1a75-448f-abd3-c53757631385","block_type":"box","text":"Securities Lending Risk.","page_number":62,"box":{"x":52,"y":352,"width":178,"height":11}},{"id":"29d38585-4cae-493f-976e-3167f83c2e17","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":62,"box":{"x":234,"y":352,"width":692,"height":11}},{"id":"94955625-561b-4615-a6dc-d785fc6ba7f8","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":62,"box":{"x":53,"y":366,"width":870,"height":11}},{"id":"29483f54-25ec-467b-9222-2e86fbacd7a1","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":62,"box":{"x":53,"y":380,"width":886,"height":11}},{"id":"5e4f6246-c3d7-4787-a824-3e8dc3c08221","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":62,"box":{"x":53,"y":394,"width":831,"height":11}},{"id":"55da83e8-768d-4a64-b4f6-da7ae4cdd34b","block_type":"box","text":"Small Fund Risk.","page_number":62,"box":{"x":52,"y":418,"width":122,"height":8}},{"id":"3f5b3a53-18d4-47e9-b1f5-398829a5d3be","block_type":"box","text":"When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The","page_number":62,"box":{"x":178,"y":418,"width":751,"height":11}},{"id":"8dbe4c36-dddd-4869-86d0-9157d277b8c7","block_type":"box","text":"Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset","page_number":62,"box":{"x":53,"y":432,"width":869,"height":11}},{"id":"a3133922-596e-488a-a5c3-ab54a1cb17be","block_type":"box","text":"base. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by the listing","page_number":62,"box":{"x":53,"y":446,"width":837,"height":11}},{"id":"ac0a6750-57d3-4323-aa78-6f3b41524414","block_type":"box","text":"exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax","page_number":62,"box":{"x":53,"y":460,"width":832,"height":11}},{"id":"5597f788-b7d8-4a73-b1f1-872f5e270469","block_type":"box","text":"consequences for its shareholders.","page_number":62,"box":{"x":53,"y":474,"width":246,"height":11}},{"id":"104e7950-8297-40ea-88fa-403cec147f78","block_type":"box","text":"Tracking Error Risk.","page_number":62,"box":{"x":52,"y":498,"width":145,"height":10}},{"id":"332d90a3-f1af-41b9-88e0-3e5548f95210","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":62,"box":{"x":201,"y":497,"width":741,"height":11}},{"id":"b7ab52a5-f31d-44fc-ada4-6071265bbb74","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":62,"box":{"x":53,"y":512,"width":861,"height":11}},{"id":"302b5e4e-bfc1-4a16-b910-84a4d1278996","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":62,"box":{"x":53,"y":526,"width":832,"height":11}},{"id":"b792677e-09eb-4a31-9ee3-33bc5ade46b9","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":62,"box":{"x":53,"y":540,"width":880,"height":11}},{"id":"6fb7f779-316d-4b2f-9d74-383538c6005a","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":62,"box":{"x":53,"y":554,"width":831,"height":11}},{"id":"993f527c-6058-46d6-ba7c-dbceb0b8e2a5","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":62,"box":{"x":52,"y":569,"width":828,"height":10}},{"id":"e5823d45-86a9-4884-8a38-768b8441183f","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":62,"box":{"x":53,"y":583,"width":873,"height":11}},{"id":"62970ab8-25f9-4f43-979d-4f52ae71977c","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":62,"box":{"x":53,"y":597,"width":889,"height":11}},{"id":"33a61df8-18a8-4f89-a80b-b0e192eb3c9a","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":62,"box":{"x":53,"y":611,"width":852,"height":11}},{"id":"6a3f3a93-8521-4531-83ea-4a9f59fe59c2","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":62,"box":{"x":53,"y":625,"width":886,"height":11}},{"id":"35849e69-9a1b-4826-8e9f-92505dae5b49","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":62,"box":{"x":53,"y":639,"width":873,"height":11}},{"id":"722e864d-ba95-4139-bff9-e429187848d6","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. Until the Fund reaches","page_number":62,"box":{"x":53,"y":654,"width":890,"height":10}},{"id":"fa60f321-16af-429f-9f89-8f6da368deae","block_type":"box","text":"greater scale, it may experience higher tracking error than is typical for similar index ETFs. A Fund that tracks an index with","page_number":62,"box":{"x":53,"y":668,"width":866,"height":11}},{"id":"40a3df30-b249-494c-8dfd-d621694d93a7","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":62,"box":{"x":53,"y":682,"width":763,"height":11}},{"id":"2b64780d-155a-4728-b5db-7fcd702d2a98","block_type":"box","text":"Valuation Risk.","page_number":62,"box":{"x":52,"y":705,"width":110,"height":9}},{"id":"160c970e-3045-48a0-ac63-d7d75a2d5052","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":62,"box":{"x":166,"y":705,"width":740,"height":11}},{"id":"dea528d8-00d8-4507-b6ad-ef153e15be23","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":62,"box":{"x":53,"y":719,"width":840,"height":11}},{"id":"13bea07b-f2e2-47b9-8e09-573e6283b9b6","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":62,"box":{"x":52,"y":734,"width":869,"height":10}},{"id":"7b1fc41f-c045-4c5f-b836-f10e558f8d2c","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":62,"box":{"x":52,"y":748,"width":889,"height":11}},{"id":"d080bd04-4c0a-44ca-b808-a43099ee642a","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":62,"box":{"x":53,"y":762,"width":871,"height":11}},{"id":"7d567fd3-b3e6-47e3-af70-f553c1c21cbb","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":62,"box":{"x":52,"y":776,"width":879,"height":11}},{"id":"04feead5-e9b6-4540-979a-c9b9ef60e673","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":62,"box":{"x":53,"y":790,"width":880,"height":11}},{"id":"38abe2bb-21b8-465b-8a46-27511641094b","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":62,"box":{"x":53,"y":804,"width":816,"height":11}},{"id":"d611a20d-cd58-46d9-b99f-180cad9cded3","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":62,"box":{"x":52,"y":819,"width":613,"height":10}},{"id":"5c68cb2a-9fe6-4fd0-abab-e46ad178e2a3","block_type":"box","text":"Performance Information","page_number":62,"box":{"x":54,"y":848,"width":228,"height":10}},{"id":"097b1e0d-6709-4eb4-be89-a1d26875bfde","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":62,"box":{"x":52,"y":873,"width":864,"height":10}},{"id":"ae141585-ca69-4605-9273-1517e2bb4702","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":62,"box":{"x":52,"y":887,"width":872,"height":11}},{"id":"6cca2a1e-8556-4116-ab45-b5add6db0daf","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":62,"box":{"x":53,"y":901,"width":868,"height":11}},{"id":"6487a887-b5d9-4df8-92dd-633a887886c8","block_type":"box","text":"S-54","page_number":62,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"d3490601-90dc-45fb-bd1c-490492f5ef83","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":63,"box":{"x":53,"y":46,"width":838,"height":11}},{"id":"96e766eb-13ae-4494-969a-76dba34eae0d","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":63,"box":{"x":53,"y":61,"width":868,"height":10}},{"id":"a9d7185d-80c7-472e-b41e-c78505188b52","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":63,"box":{"x":53,"y":75,"width":832,"height":11}},{"id":"7f0bf739-90fc-4d6a-8a67-b35622c618c7","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":63,"box":{"x":53,"y":89,"width":842,"height":11}},{"id":"b7197e2a-c40e-4d37-801b-21034f438f34","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":63,"box":{"x":52,"y":103,"width":531,"height":11}},{"id":"a677c267-ff51-4c1d-8477-bd51ffc4ed45","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":63,"box":{"x":135,"y":128,"width":260,"height":11}},{"id":"9387dfc9-7d80-4f22-abb8-514801d0dfc2","block_type":"box","text":"7.46","page_number":63,"box":{"x":163,"y":238,"width":20,"height":6}},{"id":"15e01673-331b-4c21-a9af-82089e5635d1","block_type":"box","text":"12.58","page_number":63,"box":{"x":346,"y":220,"width":25,"height":6}},{"id":"a076f295-4610-4c92-8f3b-fc39d1929f31","block_type":"box","text":"2024 2025","page_number":63,"box":{"x":161,"y":282,"width":208,"height":6}},{"id":"d7e94749-99b4-4a9f-bd27-dc2dc9a7275b","block_type":"box","text":"Return (%) Period Ended","page_number":63,"box":{"x":736,"y":143,"width":188,"height":9}},{"id":"ec012d20-c6ed-4869-b3ad-b1aaec62bee7","block_type":"box","text":"Calendar Year-to-Date Return","page_number":63,"box":{"x":520,"y":161,"width":197,"height":7}},{"id":"2c19a15b-d07c-44a7-961b-23c4d7ba86bb","block_type":"box","text":"-8.49% June 30, 2026","page_number":63,"box":{"x":752,"y":161,"width":190,"height":9}},{"id":"9a53e31d-64d7-404f-9696-b4892c17a62f","block_type":"box","text":"During the periods shown in the chart:","page_number":63,"box":{"x":520,"y":174,"width":250,"height":9}},{"id":"8ded524c-ed7d-47f3-bfdc-ec85fffb0cc5","block_type":"box","text":"Best Quarter 15.71% June 30, 2025","page_number":63,"box":{"x":534,"y":187,"width":408,"height":8}},{"id":"f7f0cd29-622b-4053-8d3f-f944c04499dd","block_type":"box","text":"Worst Quarter -13.32% December 31, 2025","page_number":63,"box":{"x":533,"y":200,"width":409,"height":8}},{"id":"eaf06b9a-2b57-4daf-8a9a-82c432e83956","block_type":"box","text":"Average Annual Total Returns (%)","page_number":63,"box":{"x":372,"y":312,"width":251,"height":11}},{"id":"b8aab89c-3547-4d42-a48d-2ac795da3c66","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":63,"box":{"x":340,"y":326,"width":315,"height":11}},{"id":"e672222e-eaae-4fe9-858a-1fd9bab7b7ff","block_type":"box","text":"One Year","page_number":63,"box":{"x":767,"y":353,"width":58,"height":7}},{"id":"5717ef4a-931f-4ecd-938c-e181582f1a2b","block_type":"box","text":"Since Fund","page_number":63,"box":{"x":866,"y":342,"width":72,"height":8}},{"id":"09c82849-ae5f-4b3e-9bb3-1d00e4fcef63","block_type":"box","text":"Inception","page_number":63,"box":{"x":872,"y":353,"width":61,"height":9}},{"id":"229c39ad-92f2-4475-af90-82f1527d279c","block_type":"box","text":"Fund Inception: 2/14/2023","page_number":63,"box":{"x":58,"y":368,"width":179,"height":10}},{"id":"333a73f6-7e8d-47d7-99d1-0bcb49822615","block_type":"box","text":"Return Before Taxes","page_number":63,"box":{"x":58,"y":380,"width":125,"height":7}},{"id":"842645f1-ac85-41f9-8ee4-1a71fa2a730a","block_type":"box","text":"12.58% 16.39%","page_number":63,"box":{"x":778,"y":380,"width":156,"height":7}},{"id":"c8ce9887-4a33-49ec-a17f-087b9a554ec9","block_type":"box","text":"Return After Taxes on Distributions","page_number":63,"box":{"x":58,"y":392,"width":219,"height":7}},{"id":"dbfe30a7-6d58-41cc-8c4a-d4b9311622de","block_type":"box","text":"10.25% 14.62%","page_number":63,"box":{"x":778,"y":392,"width":156,"height":7}},{"id":"01f3f509-9bf1-405b-bb17-900a9bee88ab","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 8.47% 12.37%","page_number":63,"box":{"x":58,"y":403,"width":876,"height":8}},{"id":"c3e1aa6d-7e01-4c1d-9b5c-b0abc79dca3b","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":63,"box":{"x":58,"y":415,"width":232,"height":9}},{"id":"aabc6722-f934-492c-803d-75f453a7847c","block_type":"box","text":"1","page_number":63,"box":{"x":291,"y":413,"width":5,"height":5}},{"id":"889fd688-73c7-4028-b838-e70e828e678e","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes except","page_number":63,"box":{"x":300,"y":415,"width":429,"height":9}},{"id":"838a0679-fb34-4ee3-8a0f-c0c8a4d7e350","block_type":"box","text":"for withholding taxes on reinvested dividends) 22.34% 18.43%","page_number":63,"box":{"x":71,"y":428,"width":863,"height":9}},{"id":"37481d0b-1d23-4c2a-a665-e17a967e5824","block_type":"box","text":"Morningstar Global Metaverse & Virtual Interaction Select Index (Net)","page_number":63,"box":{"x":58,"y":439,"width":459,"height":10}},{"id":"b6c5df8e-40ee-4ae0-aea7-32f622290180","block_type":"box","text":"1","page_number":63,"box":{"x":518,"y":438,"width":5,"height":4}},{"id":"1ce339f7-81cd-4b6e-ac3f-6a5bd0efa08e","block_type":"box","text":"(Returns do not reflect deductions","page_number":63,"box":{"x":527,"y":439,"width":215,"height":8}},{"id":"97a2fc3f-6e58-45a8-9a40-e9719abc25a4","block_type":"box","text":"for fees, expenses or taxes except for withholding taxes on reinvested dividends) 12.92% 16.91%","page_number":63,"box":{"x":71,"y":452,"width":863,"height":10}},{"id":"6bcf597f-9b07-4ed2-9250-1f8c82c13b9d","block_type":"box","text":"1","page_number":63,"box":{"x":80,"y":471,"width":5,"height":4}},{"id":"ff8bb030-67a8-4027-83e5-e9016fae5232","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":63,"box":{"x":94,"y":472,"width":827,"height":10}},{"id":"26fc5690-5e6d-4cfc-bc39-cba2cfd333bc","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":63,"box":{"x":93,"y":482,"width":847,"height":10}},{"id":"1919bc2e-171e-4797-852e-5c9545a3f951","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":63,"box":{"x":93,"y":493,"width":843,"height":9}},{"id":"e4b035fe-576c-47bb-be70-29832935eece","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":63,"box":{"x":92,"y":503,"width":829,"height":10}},{"id":"84e482a4-0fe5-4c4e-8b50-0fb199fe6622","block_type":"box","text":"tax rates, if any.","page_number":63,"box":{"x":92,"y":513,"width":97,"height":10}},{"id":"a8a15d40-f4e5-4628-afa1-b8e234a9ecfa","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":63,"box":{"x":52,"y":533,"width":857,"height":11}},{"id":"b82818f9-6580-4f9d-ba1d-7094b7b4d464","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":63,"box":{"x":53,"y":547,"width":865,"height":11}},{"id":"02f06241-a613-47a1-b944-6325414cbf9e","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":63,"box":{"x":53,"y":561,"width":847,"height":11}},{"id":"9a9f2637-ea6c-4f50-a70b-16750dfd730f","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":63,"box":{"x":52,"y":575,"width":857,"height":11}},{"id":"03cee64f-45d6-481c-9f93-1bb6f4aa4b4a","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":63,"box":{"x":53,"y":590,"width":877,"height":11}},{"id":"22f51873-522a-40b5-9831-611aa279478a","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":63,"box":{"x":52,"y":604,"width":836,"height":11}},{"id":"1fc1c274-a71b-4eea-a29d-fe16da65fbba","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":63,"box":{"x":53,"y":618,"width":886,"height":11}},{"id":"4e36ff75-cfef-4ef6-9607-70f5fe4b8620","block_type":"box","text":"on distributions.","page_number":63,"box":{"x":53,"y":633,"width":114,"height":8}},{"id":"f4f16214-26cc-4efc-9e71-aa469644642d","block_type":"box","text":"Management","page_number":63,"box":{"x":54,"y":662,"width":119,"height":13}},{"id":"8db6899a-cc2a-4e48-894e-e6e7eeab7698","block_type":"box","text":"Investment Adviser.","page_number":63,"box":{"x":53,"y":686,"width":145,"height":9}},{"id":"a5edf7e1-b569-4ef0-9260-dba3f1d2a727","block_type":"box","text":"BlackRock Fund Advisors.","page_number":63,"box":{"x":204,"y":687,"width":180,"height":8}},{"id":"b3509a78-44b8-4586-9b27-116d305cdf94","block_type":"box","text":"Portfolio Managers.","page_number":63,"box":{"x":53,"y":710,"width":146,"height":11}},{"id":"e6228cbb-69d3-4c48-a1bd-d22a2ad73ec1","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":63,"box":{"x":203,"y":709,"width":679,"height":12}},{"id":"a47a23fa-9981-4e88-ab12-eae7ad6129a9","block_type":"box","text":"management of the Fund:","page_number":63,"box":{"x":53,"y":724,"width":182,"height":11}},{"id":"35e124d7-afd6-4fb6-a991-02ce43e43629","block_type":"box","text":"Portfolio Manager","page_number":63,"box":{"x":58,"y":759,"width":119,"height":10}},{"id":"9c09193b-0b5d-4105-8ff5-b1e920bd726d","block_type":"box","text":"Portfolio Manager of the","page_number":63,"box":{"x":411,"y":747,"width":160,"height":9}},{"id":"71575703-a24b-43d4-8666-7183faa182bb","block_type":"box","text":"Fund Since","page_number":63,"box":{"x":455,"y":760,"width":72,"height":7}},{"id":"d24f22a8-48c0-4234-94cd-b9d0ab4fe8c5","block_type":"box","text":"Title with Investment","page_number":63,"box":{"x":804,"y":747,"width":140,"height":7}},{"id":"2f5237dd-1313-4c86-b4b4-8d772f76615b","block_type":"box","text":"Adviser","page_number":63,"box":{"x":849,"y":760,"width":49,"height":7}},{"id":"5a4093f9-2802-4b90-b768-47488cb49ea7","block_type":"box","text":"Jennifer Hsui 2023 Managing Director","page_number":63,"box":{"x":57,"y":775,"width":876,"height":10}},{"id":"d2af52ab-8912-4ec0-8d98-22cf5bff0a53","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":63,"box":{"x":58,"y":791,"width":875,"height":9}},{"id":"8d607e9a-9a9c-4372-947f-fb8c26ce8623","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":63,"box":{"x":58,"y":806,"width":875,"height":10}},{"id":"3d36ad7d-99eb-4f44-841c-770a78e196db","block_type":"box","text":"Steven White 2025 Managing Director","page_number":63,"box":{"x":57,"y":822,"width":876,"height":9}},{"id":"5d4f72a0-9b4d-42c2-bc4e-e5178038e84e","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":63,"box":{"x":54,"y":857,"width":304,"height":10}},{"id":"b4eb922e-8f41-4678-a016-e50d479e88f8","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":63,"box":{"x":52,"y":882,"width":878,"height":11}},{"id":"5ed94a7b-91ea-4af2-81a1-1517d3ddfddc","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":63,"box":{"x":53,"y":896,"width":855,"height":11}},{"id":"c2816331-576e-400a-abe8-efefcc8ce3be","block_type":"box","text":"S-55","page_number":63,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"ca8982a8-acdc-4140-82a7-b832603ee53a","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":64,"box":{"x":52,"y":46,"width":817,"height":11}},{"id":"5e7a1624-e629-42c0-a663-f775f7b93dee","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":64,"box":{"x":53,"y":61,"width":878,"height":10}},{"id":"b0e66ba0-fc17-40cf-b1f3-46072eb88576","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":64,"box":{"x":53,"y":75,"width":861,"height":11}},{"id":"8fa1fbe7-9fe5-443f-a915-cc7571b43f33","block_type":"box","text":"(the “bid-ask spread”).","page_number":64,"box":{"x":53,"y":89,"width":156,"height":10}},{"id":"c2fc15a1-ba31-4747-8d55-2455c021f93c","block_type":"box","text":"Tax Information","page_number":64,"box":{"x":52,"y":118,"width":144,"height":10}},{"id":"377453ca-5460-4e75-8088-be113ac9c4db","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":64,"box":{"x":52,"y":143,"width":831,"height":11}},{"id":"02a72771-1e17-4be0-95b9-d3573a5ea79f","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":64,"box":{"x":53,"y":157,"width":883,"height":11}},{"id":"3990ca86-1b1b-441f-ba2f-1ddedf94da24","block_type":"box","text":"be taxed when withdrawn.","page_number":64,"box":{"x":53,"y":172,"width":182,"height":8}},{"id":"bb871cd2-7f95-42d3-bcae-1e7e7c0201b4","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":64,"box":{"x":54,"y":200,"width":575,"height":14}},{"id":"2309809a-c11f-460a-97eb-3d434c5abc94","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":64,"box":{"x":53,"y":226,"width":855,"height":10}},{"id":"4d69847c-a476-4829-877d-0f06a01ab0cb","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":64,"box":{"x":53,"y":240,"width":843,"height":11}},{"id":"3b65b574-4380-4afa-a7ea-240d4b75a3d5","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":64,"box":{"x":53,"y":254,"width":820,"height":11}},{"id":"e404b846-fdac-4959-b12a-f73f37043346","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":64,"box":{"x":53,"y":268,"width":801,"height":11}},{"id":"aae1cf3a-6cbe-4c53-8e75-3f809ce3c499","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":64,"box":{"x":53,"y":283,"width":841,"height":10}},{"id":"a097b655-475e-481f-8b72-ce57b6916150","block_type":"box","text":"financial intermediary’s website for more information.","page_number":64,"box":{"x":52,"y":296,"width":380,"height":11}},{"id":"e383e624-fe9c-4109-9112-548f6820f899","block_type":"box","text":"S-56","page_number":64,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"2f21acac-11bd-47c3-b00b-31e0ffe999d8","block_type":"box","text":"iShares India 50 ETF","page_number":65,"box":{"x":53,"y":47,"width":286,"height":16}},{"id":"cbc0139a-5811-4230-8b54-9e7a09ac8cf8","block_type":"box","text":"INDY | Nasdaq","page_number":65,"box":{"x":54,"y":70,"width":199,"height":21}},{"id":"c023aa49-7f6c-4327-8102-4fee5fc1d5a5","block_type":"box","text":"Investment Objective","page_number":65,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"faee4488-b156-435b-b65c-12480d25c414","block_type":"box","text":"The iShares India 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Indian","page_number":65,"box":{"x":52,"y":134,"width":875,"height":11}},{"id":"82275ea5-7ad4-43d9-84b2-5bd510e0c96f","block_type":"box","text":"equities.","page_number":65,"box":{"x":53,"y":149,"width":58,"height":10}},{"id":"fede7078-6867-4dac-b707-0adef8c6f347","block_type":"box","text":"Fees and Expenses","page_number":65,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"ea235501-e0e5-4df6-a362-3193b2509572","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":65,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"6a9f2fe1-9f52-4fab-9044-d2531ebdae16","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":65,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"be5e007b-1f6f-4fec-80cc-2b66dd59dab2","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":65,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"b1c45050-3a0c-417e-a123-7ebf907ac849","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":65,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"741377d8-0df1-4593-8e68-1de1c1b86457","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":65,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"f69f1bac-ee39-4c2d-ba1d-08413d588167","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":65,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"54eab41b-3615-4f20-822f-54b2cf484268","block_type":"box","text":"extraordinary expenses.","page_number":65,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"8d7cdf9d-4e9f-4e21-9f00-850f03e01db6","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":65,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"28b7384a-0fa6-4856-a773-e585a3c65f2b","block_type":"box","text":"reflected in the table and example below.","page_number":65,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"3c6fab1f-5720-46f3-bbd7-48a69831b1d6","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":65,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"9b9e30db-ebcb-4ba0-bf27-4407cdf0a472","block_type":"box","text":"1","page_number":65,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"5e8aa6c2-c356-42da-9ea5-6006b181c81b","block_type":"box","text":"Management Fee","page_number":65,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"224726fe-8950-4c29-8bf8-98396f798216","block_type":"box","text":"0.65%","page_number":65,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"46eef94a-fd4c-4c68-abd9-f1aa8c53d1e0","block_type":"box","text":"Other Expenses","page_number":65,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"1cc6477b-9ef1-4963-8ca8-8833e9bab56d","block_type":"box","text":"0.00%","page_number":65,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"3e830d75-cfef-4e24-a5e6-ca892bb6a2e6","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":65,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"1b88b3e9-5625-46da-84ba-5d156f60d923","block_type":"box","text":"0.65%","page_number":65,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"f7982a5e-acf9-4461-bd13-2669386d68fd","block_type":"box","text":"1","page_number":65,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"767f36a0-c229-445d-bd9c-6214c996d329","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":65,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"b2718298-2f12-4a0a-b573-8503275b5fb6","block_type":"box","text":"Example.","page_number":65,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"7fad2513-e541-4173-b2cf-76889d74ad9e","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":65,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"10a6c58c-5aef-4ac9-ad76-cf4efef1168f","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":65,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"57ae7468-305d-41dc-90e6-8bdd9c186779","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":65,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"18a74e2b-9257-4211-8fc9-8c74a9f32c84","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":65,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"0963ea8a-493e-4e9d-b267-29d00fba94d3","block_type":"box","text":"your costs would be:","page_number":65,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"50b46a57-48cf-47cc-9bd2-19beb6e03ba5","block_type":"box","text":"Expense Example","page_number":65,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"4463190f-c295-4d7e-a489-1f9a46503dba","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":65,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"66a2a076-9200-4259-a17f-c5a0fa2832e9","block_type":"box","text":"Example Fund Costs","page_number":65,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"27108bdc-9981-4999-85f5-969b2d9ee988","block_type":"box","text":"$66 $208 $362 $810","page_number":65,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"9c34c50b-e4d8-4bd2-8c42-ff34c0e8aebd","block_type":"box","text":"Portfolio Turnover.","page_number":65,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"e746002d-8d7a-4f4f-bc04-76dd61eefc4b","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":65,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"66ac2f7e-2cc9-4938-af0e-f7f1875bd163","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":65,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"d52ccb89-64e8-47f1-85d2-0dc046788493","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":65,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"aa271d25-206d-4490-9fd0-92e55c23f21b","block_type":"box","text":"the Example, affect the Fund’s performance. 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(formerly known as India Index Services & Products Limited) (the “Index Provider”","page_number":65,"box":{"x":53,"y":711,"width":888,"height":11}},{"id":"3dbfa92b-fccb-4b57-9020-b5048dc504ff","block_type":"box","text":"or “NSEI”). As of March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in","page_number":65,"box":{"x":53,"y":725,"width":879,"height":11}},{"id":"4a01c618-0bc8-4b9c-bb8c-a49d49d23efb","block_type":"box","text":"the consumer goods and services and financials industries or sectors. The components of the Underlying Index are likely to","page_number":65,"box":{"x":52,"y":739,"width":871,"height":11}},{"id":"b57a7442-9d01-4f4b-b9d6-5fe9e829e489","block_type":"box","text":"change over time.","page_number":65,"box":{"x":53,"y":754,"width":124,"height":10}},{"id":"18e0d208-719c-41e4-bab5-9bcdfe53a205","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":65,"box":{"x":52,"y":777,"width":853,"height":11}},{"id":"da758a57-ac76-44bb-95fe-59b7a660ca00","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":65,"box":{"x":53,"y":791,"width":839,"height":11}},{"id":"ec96f56f-dd64-4230-94f7-be04bf1cf30c","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":65,"box":{"x":53,"y":805,"width":868,"height":11}},{"id":"1ab2ea4e-e598-484b-8761-1d94b78577ae","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":65,"box":{"x":53,"y":819,"width":851,"height":11}},{"id":"6692544a-4bf5-4e8c-85f7-9d2cbb34a5ac","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":65,"box":{"x":53,"y":833,"width":806,"height":11}},{"id":"1f8f5860-ddd5-4284-933e-7a5ed16ac0f1","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":65,"box":{"x":53,"y":848,"width":884,"height":10}},{"id":"a10af2bb-cc6c-4ce2-a6d8-36986eb81d49","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":65,"box":{"x":52,"y":862,"width":884,"height":11}},{"id":"a56d4cbb-1f75-4b25-a78c-53fa84c739df","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":65,"box":{"x":53,"y":876,"width":852,"height":11}},{"id":"74b99666-8665-4590-b1d9-69e3d37891c2","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":65,"box":{"x":53,"y":890,"width":867,"height":11}},{"id":"2accdb6c-87cb-43eb-8d2c-2e8ea1c66924","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":65,"box":{"x":52,"y":904,"width":869,"height":11}},{"id":"be8bd5b0-9015-4508-a98c-924c5d3dcb1e","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":65,"box":{"x":52,"y":919,"width":863,"height":10}},{"id":"db7ba2a0-81c9-4a6a-bbee-8dab6a9f4413","block_type":"box","text":"S-57","page_number":65,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"39c99c77-8660-499a-b632-9c14cf12096f","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":66,"box":{"x":53,"y":46,"width":826,"height":11}},{"id":"2d2e6331-c712-4523-bcda-3819fb91bf01","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":66,"box":{"x":53,"y":61,"width":405,"height":10}},{"id":"2cee7d77-574c-46ff-8b3e-47ddcdbaa5a3","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":66,"box":{"x":53,"y":84,"width":844,"height":11}},{"id":"449ba873-a63c-4faf-aaeb-74a980765e6a","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":66,"box":{"x":53,"y":98,"width":860,"height":11}},{"id":"79e95bd2-59bc-4639-a4f4-25bb164d9d34","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":66,"box":{"x":53,"y":112,"width":831,"height":11}},{"id":"899bc7bf-627c-45df-9cc9-48c7b17aa6e1","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":66,"box":{"x":53,"y":126,"width":817,"height":11}},{"id":"cb8ff190-0b7d-4da8-a208-6989a4cb64a0","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":66,"box":{"x":53,"y":140,"width":818,"height":11}},{"id":"03702803-cbe2-4391-9c20-4e69411145f6","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":66,"box":{"x":53,"y":155,"width":835,"height":11}},{"id":"afc150b0-7a52-43c5-bd7b-f256e965c9f3","block_type":"box","text":"The Underlying Index is a product of NSEI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":66,"box":{"x":52,"y":178,"width":854,"height":11}},{"id":"4ada5684-dea0-4ba4-ac2d-cdb91096b35d","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":66,"box":{"x":53,"y":192,"width":856,"height":11}},{"id":"f1e1378b-d89e-4bb3-aadc-0638ba5e5c19","block_type":"box","text":"market value of the Underlying Index.","page_number":66,"box":{"x":53,"y":206,"width":263,"height":11}},{"id":"59d3c205-bd29-4934-82a4-a9f804fa9919","block_type":"box","text":"This Prospectus and the SAI have not been filed with the Securities and Exchange Board of India (“SEBI”), and SEBI will not in","page_number":66,"box":{"x":52,"y":228,"width":885,"height":11}},{"id":"a1d59a67-2af2-4b4f-8095-8ccadfb1fb09","block_type":"box","text":"any manner vouch for the financial soundness of the Fund, BFA or the Portfolio Managers (as defined below), or for the","page_number":66,"box":{"x":53,"y":242,"width":840,"height":11}},{"id":"1f2df25b-6c11-4bb8-941f-76ef999def7f","block_type":"box","text":"adequacy of the statements made in this Prospectus and the SAI. BFA and the Portfolio Managers will not be registered with","page_number":66,"box":{"x":53,"y":257,"width":875,"height":10}},{"id":"36034520-446f-4df8-a0b2-bb7cea2d3cde","block_type":"box","text":"SEBI.","page_number":66,"box":{"x":52,"y":271,"width":37,"height":8}},{"id":"261243c5-4c70-4448-b2cc-840b3bea6210","block_type":"box","text":"Industry Concentration Policy.","page_number":66,"box":{"x":53,"y":294,"width":224,"height":11}},{"id":"d7d90c23-590e-4532-b1fd-2b0ff083fdf4","block_type":"box","text":"The Fund will concentrate its investments (","page_number":66,"box":{"x":281,"y":294,"width":304,"height":9}},{"id":"6048bde3-de48-44a6-93b2-a9cb9d4d21ac","block_type":"box","text":"i.e.","page_number":66,"box":{"x":587,"y":294,"width":17,"height":8}},{"id":"7bb98d4c-69fe-4c1f-a258-426006479be1","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":66,"box":{"x":606,"y":294,"width":292,"height":10}},{"id":"fdb1e3af-ef72-4544-ae22-7ea14b7336b9","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":66,"box":{"x":53,"y":308,"width":858,"height":11}},{"id":"cdbf01b2-0140-4fba-96ce-4002e66c103b","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":66,"box":{"x":53,"y":322,"width":868,"height":11}},{"id":"af78c369-2007-474e-a812-cf995a4302c1","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":66,"box":{"x":53,"y":336,"width":826,"height":11}},{"id":"fa4d0345-7a57-4c97-ab4d-374f6db4ae5b","block_type":"box","text":"Summary of Principal Risks","page_number":66,"box":{"x":52,"y":365,"width":248,"height":14}},{"id":"3a37c1a1-425c-4df1-9dce-848b41e3bdbb","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":66,"box":{"x":52,"y":391,"width":881,"height":10}},{"id":"255bdc24-5d37-447d-a640-0b0a42832006","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":66,"box":{"x":53,"y":405,"width":824,"height":11}},{"id":"95575bea-8fa6-4b8e-8718-ed0ecf9a8560","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":66,"box":{"x":53,"y":419,"width":807,"height":11}},{"id":"f29e8bdd-0098-486f-b5ef-af82e49c4e90","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":66,"box":{"x":53,"y":433,"width":844,"height":11}},{"id":"f007c3d4-b80e-487f-ab57-c7ccc8c6d3e6","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":66,"box":{"x":52,"y":447,"width":815,"height":11}},{"id":"fd896a38-676a-4ae9-a809-5c377eef6f14","block_type":"box","text":"Risk of Investing in India.","page_number":66,"box":{"x":53,"y":470,"width":185,"height":11}},{"id":"89325554-09ee-434e-8bd1-dfd692231310","block_type":"box","text":"Investments in Indian issuers involve risks that are specific to India, including legal, regulatory,","page_number":66,"box":{"x":244,"y":471,"width":668,"height":10}},{"id":"1b850791-f87b-40ec-a5bf-b158802e62c6","block_type":"box","text":"political, currency and economic risks. Political and legal uncertainty, greater government control over the economy, currency","page_number":66,"box":{"x":53,"y":485,"width":887,"height":11}},{"id":"8c3e15ac-b42d-440b-8185-657826817f4b","block_type":"box","text":"fluctuations or blockage, and the risk of nationalization or expropriation of assets may result in higher potential for losses.","page_number":66,"box":{"x":52,"y":499,"width":862,"height":11}},{"id":"f35ce8ca-6b52-466f-a26d-c4df3e9a755d","block_type":"box","text":"The securities markets in India are relatively underdeveloped and may subject the Fund to higher transaction costs or greater","page_number":66,"box":{"x":52,"y":513,"width":886,"height":11}},{"id":"ab21fb46-fa18-48af-819e-1f01e80f0988","block_type":"box","text":"uncertainty than investments in more developed securities markets. India has experienced security concerns, such as","page_number":66,"box":{"x":53,"y":527,"width":831,"height":11}},{"id":"5887efae-db1d-4a7e-b2f5-faf0e88e7673","block_type":"box","text":"terrorism and strained international relations. Incidents involving India's or the region's security may cause uncertainty in the","page_number":66,"box":{"x":52,"y":542,"width":887,"height":10}},{"id":"3c129ed4-a363-452e-b564-75636847e0d9","block_type":"box","text":"Indian market and may adversely affect the Indian economy and the Fund's investments.","page_number":66,"box":{"x":53,"y":556,"width":627,"height":10}},{"id":"9e4ab532-0474-4632-92dd-70fb9c224a1e","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":66,"box":{"x":53,"y":579,"width":278,"height":11}},{"id":"ef8f4409-1357-477a-b823-9955ddfb5006","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":66,"box":{"x":337,"y":579,"width":540,"height":11}},{"id":"1414caad-dce3-46e3-8588-5ee68463fd66","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":66,"box":{"x":53,"y":593,"width":890,"height":11}},{"id":"cb5044ce-bddf-41c6-be97-17c0983e7620","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":66,"box":{"x":53,"y":607,"width":868,"height":11}},{"id":"26a46482-58d9-412f-a8af-c929d70a5a52","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":66,"box":{"x":53,"y":621,"width":709,"height":11}},{"id":"dae90016-18bd-490e-b0fe-90cec5bc59a6","block_type":"box","text":"Equity Securities Risk.","page_number":66,"box":{"x":53,"y":644,"width":164,"height":11}},{"id":"dcd47281-91c6-4403-81ad-48f58a71fa89","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":66,"box":{"x":223,"y":645,"width":709,"height":10}},{"id":"0812f4ae-f3b1-4fcd-845b-251205d50415","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":66,"box":{"x":53,"y":659,"width":889,"height":11}},{"id":"26d16b23-e780-4168-8072-d775f844f0bb","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":66,"box":{"x":53,"y":673,"width":880,"height":11}},{"id":"350fa031-a72a-49f2-9701-6ed2094a67b5","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":66,"box":{"x":53,"y":687,"width":867,"height":11}},{"id":"eb6c2ef9-b03f-4507-9a23-f7d51e659354","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":66,"box":{"x":53,"y":701,"width":339,"height":11}},{"id":"b344bcd8-1cff-475c-8069-3f8d15a32fb6","block_type":"box","text":"Market Risk.","page_number":66,"box":{"x":53,"y":724,"width":91,"height":9}},{"id":"040b6c78-bbe9-4b44-8d42-3d226be0974a","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":66,"box":{"x":148,"y":725,"width":768,"height":10}},{"id":"e6c65c46-ce38-434d-8083-09fab1faac06","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":66,"box":{"x":53,"y":739,"width":882,"height":11}},{"id":"a6101aa1-125e-4087-87cb-323182e6c6f5","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":66,"box":{"x":53,"y":753,"width":858,"height":11}},{"id":"b5f2c3fb-c6fc-4608-9625-65577b67ddd9","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":66,"box":{"x":53,"y":767,"width":875,"height":11}},{"id":"4f51c296-2c02-4fcb-b7ab-2d0c5096e9ea","block_type":"box","text":"Fund’s NAV.","page_number":66,"box":{"x":53,"y":781,"width":82,"height":9}},{"id":"e83b177f-2e6c-473e-9d87-12f693885276","block_type":"box","text":"Index-Related Risk.","page_number":66,"box":{"x":53,"y":804,"width":143,"height":9}},{"id":"660d62d5-5687-402b-a7aa-9f3377260a2d","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":66,"box":{"x":201,"y":804,"width":742,"height":11}},{"id":"10a8390f-e756-43ad-bf5c-b3f61c8303e2","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":66,"box":{"x":53,"y":819,"width":856,"height":10}},{"id":"65cc3f4d-5e0d-4446-93b6-eba5046c6fdb","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":66,"box":{"x":53,"y":833,"width":852,"height":11}},{"id":"cdcdcfb7-227b-4167-9afe-cfcc8c9d8715","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":66,"box":{"x":53,"y":847,"width":876,"height":11}},{"id":"95d2aea3-fffc-4c7d-994d-4efb2d12134c","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":66,"box":{"x":52,"y":861,"width":849,"height":11}},{"id":"9e8b7c26-e435-4322-b1e3-19042d994a22","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":66,"box":{"x":53,"y":875,"width":849,"height":11}},{"id":"493b30c9-66c7-461e-86a0-98e35adadec2","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":66,"box":{"x":53,"y":889,"width":890,"height":11}},{"id":"54244c8d-d4e6-4210-bf59-2db15474c063","block_type":"box","text":"S-58","page_number":66,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"31039329-8e3c-438b-9a82-11d164f5bd8f","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":67,"box":{"x":53,"y":47,"width":853,"height":10}},{"id":"da10d2f0-93b6-4677-a32d-bdd033ab6202","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":67,"box":{"x":53,"y":61,"width":539,"height":10}},{"id":"b587f832-7a2b-48ac-8b41-00a5a0df2bd2","block_type":"box","text":"Asset Class Risk.","page_number":67,"box":{"x":52,"y":84,"width":122,"height":8}},{"id":"808bc5bc-3040-4e4d-bbaa-f327d8425c70","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":67,"box":{"x":179,"y":84,"width":721,"height":11}},{"id":"bc7636b3-e725-451d-bf5f-4064e78bf525","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":67,"box":{"x":53,"y":98,"width":774,"height":11}},{"id":"dd6dc7a4-830b-48dc-aa5a-5c5b28fda5a3","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":67,"box":{"x":52,"y":121,"width":318,"height":11}},{"id":"82aeddeb-a039-403e-bd3b-7c5dd96060ce","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":67,"box":{"x":374,"y":121,"width":531,"height":11}},{"id":"50dfe642-c9b9-4651-9bcf-e1c7cc1cb23e","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":67,"box":{"x":53,"y":135,"width":810,"height":11}},{"id":"7ed3e32c-c00b-454a-b9ce-14f544df1e33","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":67,"box":{"x":52,"y":149,"width":816,"height":11}},{"id":"4359e271-5238-4c55-a0f7-90dcde1355f2","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":67,"box":{"x":52,"y":164,"width":884,"height":11}},{"id":"90880c20-5f2c-42e8-82da-7fff57d2e50f","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":67,"box":{"x":53,"y":178,"width":871,"height":11}},{"id":"d700052c-41cf-466b-8e77-b1f3b02b559b","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":67,"box":{"x":53,"y":192,"width":846,"height":11}},{"id":"bfb50b37-5b42-43b0-add1-9f93b076dc6e","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":67,"box":{"x":52,"y":206,"width":881,"height":11}},{"id":"3007cb83-605b-4112-8e94-de95fa300e6e","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":67,"box":{"x":53,"y":220,"width":853,"height":11}},{"id":"34e8a7f3-9fa4-45bf-bda8-5ed74301a15b","block_type":"box","text":"halts or delisting.","page_number":67,"box":{"x":53,"y":235,"width":121,"height":10}},{"id":"c47e5f23-d262-4404-92ec-05bb94088b45","block_type":"box","text":"Cash Transactions Risk.","page_number":67,"box":{"x":53,"y":258,"width":174,"height":8}},{"id":"7ab88f3d-3c71-4a61-b441-2db083a493ea","block_type":"box","text":"The Fund’s creation and redemption transactions generally are expected to be effected in cash,","page_number":67,"box":{"x":231,"y":258,"width":672,"height":11}},{"id":"aa6a17aa-1877-4638-a78c-bde3f8f18bee","block_type":"box","text":"rather than as in-kind transactions in which portfolio securities or other investments are delivered. As a result, the Fund may","page_number":67,"box":{"x":53,"y":272,"width":878,"height":11}},{"id":"bc01a717-fd93-4688-bdc9-95ebd4ac4fee","block_type":"box","text":"have to sell investments at inopportune times in order to obtain the cash needed to meet redemption orders. Such sales may","page_number":67,"box":{"x":53,"y":286,"width":880,"height":11}},{"id":"eb6cba15-92cc-48ba-a4fd-94751f57af05","block_type":"box","text":"cause the Fund to recognize capital gains or losses that might not have been incurred if the redemption had been transacted","page_number":67,"box":{"x":53,"y":300,"width":882,"height":11}},{"id":"b130e4d5-d628-49df-91af-22f371e6d315","block_type":"box","text":"in-kind. This may decrease the tax efficiency of the Fund compared with that of ETFs that use in-kind redemptions. The use of","page_number":67,"box":{"x":53,"y":315,"width":888,"height":10}},{"id":"054b23fc-547a-4e38-9acf-4fa758fe1aaf","block_type":"box","text":"cash creations and redemptions also may cause the Fund’s shares to trade in the market at wider bid-ask spreads or greater","page_number":67,"box":{"x":53,"y":329,"width":876,"height":11}},{"id":"8206e2e2-68df-418b-bafa-979467a48d99","block_type":"box","text":"premiums or discounts to the Fund’s NAV.","page_number":67,"box":{"x":53,"y":343,"width":295,"height":10}},{"id":"827851af-a140-40fa-8580-72d79770f988","block_type":"box","text":"Concentration Risk.","page_number":67,"box":{"x":53,"y":366,"width":145,"height":9}},{"id":"6ba69d42-cac0-4ed0-b704-f062f4307431","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":67,"box":{"x":202,"y":366,"width":711,"height":11}},{"id":"b7e27c8a-c935-4b3d-9dcb-49218e258a1a","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":67,"box":{"x":53,"y":380,"width":884,"height":10}},{"id":"ba8c67c0-0baf-4d99-91b7-1d2de2b6d228","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":67,"box":{"x":52,"y":394,"width":887,"height":11}},{"id":"8d0b235d-60e0-4c20-a324-1fac0f5130cc","block_type":"box","text":"asset classes.","page_number":67,"box":{"x":53,"y":409,"width":95,"height":8}},{"id":"47cd3ea8-8792-472a-a154-5de3d6b92997","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":67,"box":{"x":53,"y":432,"width":349,"height":10}},{"id":"d10413da-e702-42e2-a1eb-e9a07cfb07eb","block_type":"box","text":"Consumer goods and services companies face risks related to changes in","page_number":67,"box":{"x":407,"y":432,"width":518,"height":11}},{"id":"b990a337-a1cc-4119-98e2-bdf1f0a467ef","block_type":"box","text":"consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage","page_number":67,"box":{"x":53,"y":446,"width":880,"height":11}},{"id":"46d0e390-fb57-478c-a624-e96c99fcd48b","block_type":"box","text":"to brand or reputation, economic slowdown and labor shortages, among other things.","page_number":67,"box":{"x":52,"y":460,"width":605,"height":11}},{"id":"f472a100-d547-4975-bc51-26c72c31d851","block_type":"box","text":"Currency Risk.","page_number":67,"box":{"x":53,"y":483,"width":106,"height":11}},{"id":"b084bba8-5d81-4676-b22c-3c3d354e9d07","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":67,"box":{"x":164,"y":483,"width":751,"height":11}},{"id":"c084c333-03ae-47d8-8b9b-c32f1c51a5bc","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":67,"box":{"x":53,"y":498,"width":842,"height":10}},{"id":"60d17d88-a0bb-4484-bdfb-53a096abb20e","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":67,"box":{"x":52,"y":512,"width":854,"height":11}},{"id":"7e761db5-7869-46d5-8dad-46ecf78dcffc","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":67,"box":{"x":53,"y":526,"width":869,"height":11}},{"id":"5f294325-1dca-4474-94a8-476b00ee8547","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":67,"box":{"x":53,"y":540,"width":309,"height":11}},{"id":"5871bff3-c5b4-4fc1-81ac-ec36a24827f1","block_type":"box","text":"Custody Risk.","page_number":67,"box":{"x":53,"y":563,"width":99,"height":11}},{"id":"ffe82b62-1af4-46e7-922d-8c51a7b1a4b1","block_type":"box","text":"Less developed securities markets are more likely to experience problems with the clearing and settlement of","page_number":67,"box":{"x":158,"y":563,"width":769,"height":11}},{"id":"74daa134-5823-4563-804b-c0bde3f277b9","block_type":"box","text":"trades, as well as the custody of securities and other assets by local banks, agents and depositories. These issues may have an","page_number":67,"box":{"x":52,"y":578,"width":890,"height":10}},{"id":"d8cfe24e-59c9-441e-9ca8-752cf7bd17b5","block_type":"box","text":"adverse impact on the Fund, including losses or delays in payments, delivery or recovery of money or other assets.","page_number":67,"box":{"x":53,"y":592,"width":804,"height":11}},{"id":"32fabcb3-9a5c-4fb5-b10c-7f05d62c16c4","block_type":"box","text":"Financial Companies Risk.","page_number":67,"box":{"x":53,"y":615,"width":193,"height":10}},{"id":"02dac8e3-9d5f-474b-a4d1-d72237713c9f","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":67,"box":{"x":251,"y":615,"width":683,"height":11}},{"id":"a3e1c056-6509-4d8e-840f-5185e7e36e78","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":67,"box":{"x":52,"y":629,"width":864,"height":11}},{"id":"5c770b2f-aceb-410d-9fbc-2a3832451d4a","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":67,"box":{"x":53,"y":643,"width":812,"height":11}},{"id":"dd0e84ab-a733-4983-b704-4862a4257883","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":67,"box":{"x":52,"y":657,"width":880,"height":11}},{"id":"53a440d0-b589-4bc8-b1e1-0357181cf4b8","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":67,"box":{"x":53,"y":672,"width":612,"height":10}},{"id":"90de1d18-1048-4555-ad96-afc29c07bb83","block_type":"box","text":"Issuer Risk.","page_number":67,"box":{"x":53,"y":695,"width":83,"height":8}},{"id":"f399425e-fc59-467a-af01-f42f5548c471","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":67,"box":{"x":140,"y":695,"width":780,"height":10}},{"id":"1e6510de-3596-49f7-a4bd-564103d348d8","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":67,"box":{"x":53,"y":709,"width":886,"height":11}},{"id":"45875dde-31b4-47a3-8e57-cccd60bfb0fe","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":67,"box":{"x":52,"y":723,"width":576,"height":11}},{"id":"b600898a-d839-463e-a5a6-d85fd44fe684","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":67,"box":{"x":53,"y":746,"width":395,"height":11}},{"id":"388a4c56-cb89-4c24-b354-49626f749e99","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":67,"box":{"x":453,"y":746,"width":410,"height":11}},{"id":"d01bb837-70bd-4715-ac10-cd89175e3cb7","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":67,"box":{"x":53,"y":761,"width":883,"height":10}},{"id":"7d2410be-1c15-4154-bf2b-b1437e0c9b95","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":67,"box":{"x":52,"y":775,"width":884,"height":11}},{"id":"595939bf-18af-4c17-9bbd-550b1bbb5701","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":67,"box":{"x":53,"y":789,"width":872,"height":11}},{"id":"bf443a8c-f8dd-4e44-a882-e101bda4cd7a","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":67,"box":{"x":53,"y":803,"width":812,"height":11}},{"id":"fc6fded6-07dd-45a1-9f09-8a77d04b2b90","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":67,"box":{"x":53,"y":817,"width":890,"height":11}},{"id":"28421185-d1e9-4792-af1f-37e01a3e8d3b","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":67,"box":{"x":52,"y":832,"width":891,"height":9}},{"id":"7738c133-8b7e-46fa-993f-b7d8004cc980","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":67,"box":{"x":53,"y":846,"width":836,"height":11}},{"id":"8adfd416-3949-4b6f-9924-3b54d4a1e793","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":67,"box":{"x":53,"y":860,"width":810,"height":11}},{"id":"64f0523d-79c7-4bd6-b11f-dd1cad3373a7","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":67,"box":{"x":53,"y":874,"width":861,"height":11}},{"id":"bcfe53ad-e65d-4b30-a26d-686b04e1afb5","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":67,"box":{"x":53,"y":888,"width":875,"height":11}},{"id":"99c9ebc9-4656-460a-b79d-baee5ad0f62b","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":67,"box":{"x":52,"y":902,"width":654,"height":11}},{"id":"901d84f9-39df-4ea8-b337-1c1d18635e3f","block_type":"box","text":"S-59","page_number":67,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"f051eb1b-7fe0-4bf3-8f43-5404ce1fa701","block_type":"box","text":"Management Risk.","page_number":68,"box":{"x":53,"y":46,"width":137,"height":11}},{"id":"51f92a38-09a0-4bc2-a7cb-246251c05734","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":68,"box":{"x":194,"y":46,"width":711,"height":11}},{"id":"8deef73b-187c-49e3-b35e-ee6d8ab16650","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":68,"box":{"x":53,"y":61,"width":877,"height":10}},{"id":"3549b538-9606-412a-98cb-93c1ede5650f","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":68,"box":{"x":53,"y":75,"width":859,"height":11}},{"id":"299a25e9-d3bf-4367-bfdb-e66d98f7288a","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":68,"box":{"x":52,"y":89,"width":848,"height":11}},{"id":"eb77922b-4fce-4dbc-acb3-83819d984cf4","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":68,"box":{"x":53,"y":103,"width":756,"height":11}},{"id":"7eb0a82d-f45b-474d-9cab-d72dcbada6ed","block_type":"box","text":"Market Trading Risk.","page_number":68,"box":{"x":53,"y":126,"width":152,"height":11}},{"id":"bc558a83-bbab-40c8-b359-8822a5c66446","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":68,"box":{"x":209,"y":126,"width":694,"height":11}},{"id":"7474c55a-0e4a-4055-8cd7-4fe4ed4cde7e","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":68,"box":{"x":53,"y":140,"width":841,"height":11}},{"id":"67aa1754-f5a7-4a14-acc0-6147d01c4408","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":68,"box":{"x":53,"y":155,"width":887,"height":11}},{"id":"ae6eabec-7a97-4055-8aef-278cb0c7ad46","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":68,"box":{"x":52,"y":169,"width":839,"height":11}},{"id":"bd9be4b6-8ce7-44d9-85c7-f69dfa719d2c","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":68,"box":{"x":53,"y":183,"width":866,"height":11}},{"id":"2658b651-3311-469f-a84a-581b49dfaca6","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":68,"box":{"x":52,"y":197,"width":885,"height":11}},{"id":"afe83142-46b8-44ba-898b-9172fbf046e5","block_type":"box","text":"of the Fund shares.","page_number":68,"box":{"x":53,"y":211,"width":134,"height":9}},{"id":"600af9f0-bd2a-426b-99f3-361b920f4ee2","block_type":"box","text":"National Closed Market Trading Risk.","page_number":68,"box":{"x":53,"y":235,"width":273,"height":11}},{"id":"b87ae40d-4075-4899-a4a0-a53bc93ef1de","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":68,"box":{"x":330,"y":235,"width":544,"height":10}},{"id":"6898eb0b-f3c6-4524-bc59-ddff869cc9bb","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":68,"box":{"x":53,"y":249,"width":874,"height":11}},{"id":"9cbe9d10-b07d-4ffc-af9d-e0ed5f5efe9b","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":68,"box":{"x":52,"y":263,"width":651,"height":11}},{"id":"058d2c30-b0f9-433c-b895-f1fa1e58a295","block_type":"box","text":"i.e","page_number":68,"box":{"x":704,"y":263,"width":15,"height":8}},{"id":"e6210fa2-105a-4d61-bc40-95df1db5d789","block_type":"box","text":"., the quote from the closed","page_number":68,"box":{"x":720,"y":263,"width":191,"height":10}},{"id":"422b41c4-735a-4b02-8da1-958c5e674d29","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":68,"box":{"x":52,"y":277,"width":880,"height":11}},{"id":"dae288dc-f987-41cb-b73a-78dd5eb6c0c4","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":68,"box":{"x":52,"y":291,"width":849,"height":11}},{"id":"d1070136-418a-48a1-9327-916b84d6a583","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":68,"box":{"x":53,"y":305,"width":850,"height":11}},{"id":"5372b7a5-fe23-4844-abc8-81688577d930","block_type":"box","text":"funds.","page_number":68,"box":{"x":52,"y":320,"width":44,"height":8}},{"id":"f1f1ed31-79ea-4d6a-8814-ba4abcfdeaad","block_type":"box","text":"Non-Diversification Risk.","page_number":68,"box":{"x":53,"y":343,"width":184,"height":8}},{"id":"f87de575-0e87-4c62-84dd-e5e0e8c77ed0","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":68,"box":{"x":242,"y":343,"width":633,"height":10}},{"id":"ddbb803e-de22-4bba-9f63-f10b3c5a84b6","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":68,"box":{"x":53,"y":357,"width":802,"height":11}},{"id":"8616064d-68f3-470a-a5b3-ab723dc2e6d6","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":68,"box":{"x":53,"y":371,"width":888,"height":11}},{"id":"e6967584-6719-42ff-b843-63ed22f83862","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":68,"box":{"x":53,"y":385,"width":876,"height":11}},{"id":"d5ba1cda-1aae-4470-8682-66df6fbb158f","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":68,"box":{"x":53,"y":400,"width":696,"height":10}},{"id":"6179a517-0f5c-4380-9e20-10c1d7acf237","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":68,"box":{"x":53,"y":423,"width":182,"height":8}},{"id":"99835f98-58a3-4b0a-bdf3-537c7680686f","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":68,"box":{"x":240,"y":423,"width":687,"height":11}},{"id":"40f0c3d1-7695-4ed2-90ab-a1dc5842234c","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":68,"box":{"x":53,"y":437,"width":853,"height":11}},{"id":"f17504c7-f9fc-4f2f-9214-44a68a5c2126","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":68,"box":{"x":52,"y":451,"width":847,"height":11}},{"id":"9db30ebb-8fcf-4916-811f-b7fdfe651194","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":68,"box":{"x":53,"y":465,"width":889,"height":11}},{"id":"6467750e-e944-48c9-8a06-cae98889e075","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":68,"box":{"x":53,"y":480,"width":842,"height":10}},{"id":"3a6d8d2b-a11c-4a7b-9b3f-6fbea31d530a","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":68,"box":{"x":53,"y":494,"width":831,"height":11}},{"id":"0249b295-4c7e-4265-bb8f-5335aad5fa44","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":68,"box":{"x":53,"y":508,"width":821,"height":11}},{"id":"873cb14f-5434-4fd3-99a2-05ef2970fca4","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":68,"box":{"x":53,"y":522,"width":871,"height":11}},{"id":"e9d808f5-828e-4bd6-85eb-01c29d0b1830","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":68,"box":{"x":53,"y":536,"width":289,"height":11}},{"id":"2064d72c-22ae-46cb-bf08-2d44fbd3a16c","block_type":"box","text":"Asian Economic Risk","page_number":68,"box":{"x":346,"y":536,"width":154,"height":9}},{"id":"7fbfef76-8933-4a80-91bd-c5880b7e2ec5","block_type":"box","text":".","page_number":68,"box":{"x":501,"y":543,"width":2,"height":2}},{"id":"09780bea-b32a-4e1d-94ca-096f2d17a271","block_type":"box","text":"Operational and Technology Risks.","page_number":68,"box":{"x":53,"y":559,"width":254,"height":11}},{"id":"d32d141a-eb90-4d19-b4ae-26c02777c457","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":68,"box":{"x":312,"y":560,"width":581,"height":10}},{"id":"e9ba19b5-0a31-44ea-acc9-4f070c7d1f23","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":68,"box":{"x":53,"y":574,"width":876,"height":10}},{"id":"d9c6ed31-52e8-41dd-806e-b367f1bc5f75","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":68,"box":{"x":53,"y":588,"width":879,"height":11}},{"id":"14ba4444-5e8a-4854-8472-5a42fbcc3778","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":68,"box":{"x":53,"y":602,"width":825,"height":11}},{"id":"61c43e7d-a850-462d-981b-bdc8104f00ba","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":68,"box":{"x":53,"y":616,"width":862,"height":11}},{"id":"174aed42-26a4-4808-95f2-29ee1d6ab4a0","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":68,"box":{"x":53,"y":630,"width":872,"height":11}},{"id":"d6e7399a-0582-4aa8-b295-a6368f6b2903","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":68,"box":{"x":53,"y":645,"width":824,"height":10}},{"id":"ccef9c78-0b5b-4acb-9a21-58bb19a4931d","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":68,"box":{"x":53,"y":668,"width":253,"height":11}},{"id":"3c52d54c-a31f-4bc9-aba2-667e94686414","block_type":"box","text":"The Fund invests in India, which is heavily dependent upon trading with key partners. Any","page_number":68,"box":{"x":310,"y":668,"width":632,"height":11}},{"id":"6caa549d-2485-4f6f-8d2d-2c61c9cfc7ca","block_type":"box","text":"reduction in this trading may have an adverse impact on the Fund's investments. Through its holdings of securities of certain","page_number":68,"box":{"x":53,"y":682,"width":883,"height":11}},{"id":"5b6c1762-9603-46e3-8a58-34bb14b56b89","block_type":"box","text":"issuers, the Fund is specifically exposed to","page_number":68,"box":{"x":53,"y":696,"width":299,"height":11}},{"id":"33aabb40-5e4c-4163-a92f-7affb67d349f","block_type":"box","text":"Asian Economic Risk.","page_number":68,"box":{"x":356,"y":696,"width":157,"height":9}},{"id":"13298a91-923b-49d8-b772-8d58c2e9e23b","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":68,"box":{"x":53,"y":719,"width":285,"height":11}},{"id":"7b4223a7-4a9b-443c-813f-4d325b428057","block_type":"box","text":"Investments in emerging markets may be subject to a greater risk of loss than","page_number":68,"box":{"x":344,"y":719,"width":547,"height":11}},{"id":"549e1e12-77aa-4af9-90a5-ef4912d27de6","block_type":"box","text":"investments in more developed markets. The risks of emerging markets may include, among others, greater market volatility;","page_number":68,"box":{"x":53,"y":734,"width":880,"height":10}},{"id":"90a7eca0-7a79-436e-be4e-743edb5803b3","block_type":"box","text":"political, legal, economic, and social instability; less developed securities markets, including settlement, custody and","page_number":68,"box":{"x":53,"y":748,"width":822,"height":11}},{"id":"880678aa-81de-4f8a-bc6d-9b5484d4bf69","block_type":"box","text":"valuation processes; government expropriation or nationalization of assets; greater volatility in currency exchange rates; more","page_number":68,"box":{"x":52,"y":762,"width":891,"height":11}},{"id":"2f2a4b04-32d6-476a-96c2-aa0a68586929","block_type":"box","text":"capital controls; less governmental supervision and regulation; and less stringent accounting, auditing and disclosure","page_number":68,"box":{"x":53,"y":776,"width":834,"height":11}},{"id":"ce6b4302-82ef-4874-9914-ca251c669465","block_type":"box","text":"requirements. There may be significant obstacles to obtaining information necessary for investigations into or litigation","page_number":68,"box":{"x":53,"y":790,"width":845,"height":11}},{"id":"168a2f0c-8e41-4818-81ea-62eefcb597f6","block_type":"box","text":"against companies, and shareholders may have limited legal remedies. The Fund does not select investments based on","page_number":68,"box":{"x":53,"y":805,"width":841,"height":10}},{"id":"05d0cb06-faac-4619-abfa-b0afbff7a496","block_type":"box","text":"investor protection considerations. Emerging market securities may face liquidity challenges, and the Fund may be unable to","page_number":68,"box":{"x":53,"y":819,"width":884,"height":10}},{"id":"be6c6157-0f0f-4c9a-82fd-37a63fcfae83","block_type":"box","text":"liquidate its positions in such securities at a favorable time or price.","page_number":68,"box":{"x":53,"y":833,"width":475,"height":10}},{"id":"ba15e556-44b1-46de-b268-6a780acc883f","block_type":"box","text":"Tax Risk.","page_number":68,"box":{"x":52,"y":856,"width":65,"height":8}},{"id":"9ff3150d-07be-4bcc-a261-da0500c638d1","block_type":"box","text":"The Fund is subject to tax in India on the purchase and sale of Indian securities, which will reduce the Fund's","page_number":68,"box":{"x":121,"y":856,"width":767,"height":11}},{"id":"5228bcbf-f05a-4e9e-b695-e0a33d985aaa","block_type":"box","text":"returns.","page_number":68,"box":{"x":53,"y":871,"width":53,"height":8}},{"id":"5c7009cc-5bc9-434b-be7e-ed8b9857a668","block_type":"box","text":"S-60","page_number":68,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"731c68db-978a-4f4f-97db-d721914c332a","block_type":"box","text":"Tracking Error Risk.","page_number":69,"box":{"x":52,"y":46,"width":145,"height":11}},{"id":"2cf9fc78-1e60-4b73-956c-6a9cb4c2c7f2","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":69,"box":{"x":201,"y":46,"width":741,"height":11}},{"id":"ab1d37cd-a75e-4b7f-8801-54caab7a4b24","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":69,"box":{"x":53,"y":61,"width":861,"height":10}},{"id":"2f03b3cc-ccf1-49ee-82e4-dd5da4e92884","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":69,"box":{"x":53,"y":75,"width":832,"height":11}},{"id":"2dff595b-85b7-4fa3-8fc9-9e52850a27b7","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":69,"box":{"x":53,"y":89,"width":880,"height":11}},{"id":"937c3ebb-88db-47c1-80a6-0ad91e174f40","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":69,"box":{"x":53,"y":103,"width":831,"height":11}},{"id":"b8f2ba69-7251-455a-832a-e12428b09681","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":69,"box":{"x":52,"y":117,"width":828,"height":11}},{"id":"e9f84dfb-5b8c-4316-9064-dc364cee4fb0","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":69,"box":{"x":53,"y":131,"width":873,"height":11}},{"id":"c5393946-1484-444b-a172-ce09e3d92147","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":69,"box":{"x":53,"y":146,"width":889,"height":11}},{"id":"2284796a-8cce-46e5-b1c3-8f8e73f22df9","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":69,"box":{"x":53,"y":160,"width":852,"height":11}},{"id":"9af4e9d2-27ad-4f0d-94a0-b5dedbf55ac3","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":69,"box":{"x":53,"y":174,"width":886,"height":11}},{"id":"d2379aab-ef9a-447f-a6f9-b7ec6a9f7953","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":69,"box":{"x":53,"y":188,"width":873,"height":11}},{"id":"02503214-8a08-44a1-8fa8-b6abb12cb71c","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":69,"box":{"x":53,"y":202,"width":879,"height":11}},{"id":"ef5bd778-8e64-4a08-9cb1-ad5c9729f8b6","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":69,"box":{"x":53,"y":217,"width":839,"height":10}},{"id":"963e5629-e00b-4506-8495-45974d4b1631","block_type":"box","text":"Valuation Risk.","page_number":69,"box":{"x":52,"y":240,"width":110,"height":8}},{"id":"815fafed-8389-4947-a0a3-3a3c33b0b222","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":69,"box":{"x":166,"y":240,"width":740,"height":11}},{"id":"4713e084-ec17-4527-8df1-918b8ffbbf63","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":69,"box":{"x":53,"y":254,"width":840,"height":11}},{"id":"72b2827d-b209-43b8-995f-3579e6d0ac10","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":69,"box":{"x":52,"y":268,"width":869,"height":11}},{"id":"dd4b07c6-fc2d-4f88-a466-9f6ac1773a49","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":69,"box":{"x":52,"y":282,"width":889,"height":11}},{"id":"14a3d4d0-4ab3-42f8-8014-9443250504f2","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":69,"box":{"x":53,"y":297,"width":871,"height":10}},{"id":"bf93b691-3521-408d-ab09-d7346d347ec5","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":69,"box":{"x":52,"y":311,"width":879,"height":11}},{"id":"a51f26a0-d398-4a9c-a68c-5690724fcc32","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":69,"box":{"x":53,"y":325,"width":880,"height":11}},{"id":"05f6a3ed-604a-433b-bf9f-7dbc3afd3104","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":69,"box":{"x":53,"y":339,"width":816,"height":11}},{"id":"37c414d7-776c-4213-bf60-345ae1f83caf","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":69,"box":{"x":52,"y":353,"width":613,"height":11}},{"id":"166819f9-328b-46e2-bfc6-a9dfe94ea8d9","block_type":"box","text":"Performance Information","page_number":69,"box":{"x":54,"y":382,"width":228,"height":11}},{"id":"390d454e-3970-46fa-8c67-72faaf7a634a","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":69,"box":{"x":52,"y":407,"width":864,"height":11}},{"id":"e7728006-77e4-473e-a7bc-a6b695e58fc7","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":69,"box":{"x":52,"y":422,"width":872,"height":10}},{"id":"b5ee4fa3-4fcd-46e3-9e8f-8531958662d0","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":69,"box":{"x":53,"y":436,"width":868,"height":11}},{"id":"3a7992fe-f668-44f7-955e-45dff7449d62","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":69,"box":{"x":53,"y":450,"width":838,"height":11}},{"id":"7815eb03-beef-4eb3-a013-6cb66d857b49","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":69,"box":{"x":53,"y":464,"width":868,"height":11}},{"id":"3e4a95a8-f0c3-48a5-90f5-3ac7c94fcc79","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":69,"box":{"x":53,"y":478,"width":832,"height":11}},{"id":"f87e63f3-81a9-43cb-9e77-edddb1529ac0","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":69,"box":{"x":53,"y":492,"width":842,"height":11}},{"id":"4866560e-009c-486e-9b8a-d616f2f89700","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":69,"box":{"x":52,"y":507,"width":531,"height":10}},{"id":"a74f6433-1bd4-4a30-bbb7-019c85ebe31f","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":69,"box":{"x":136,"y":531,"width":228,"height":11}},{"id":"7d5d8067-1d3d-4b7b-b0bb-da4bfd875ab0","block_type":"box","text":"(%)","page_number":69,"box":{"x":369,"y":531,"width":25,"height":9}},{"id":"e2d1b600-d826-4ca8-80ea-b38d71e335ae","block_type":"box","text":"0.73","page_number":69,"box":{"x":88,"y":637,"width":21,"height":6}},{"id":"c4d493a6-3805-461b-b4e4-935721805894","block_type":"box","text":"35.32","page_number":69,"box":{"x":122,"y":584,"width":27,"height":6}},{"id":"40f54b48-ad0c-4062-a9f0-d42189a402ce","block_type":"box","text":"-4.44","page_number":69,"box":{"x":161,"y":660,"width":24,"height":6}},{"id":"8750cd36-8efe-44d3-91e8-f4a5cc06b69e","block_type":"box","text":"10.01","page_number":69,"box":{"x":198,"y":623,"width":23,"height":6}},{"id":"0e0c9f95-c7a9-4398-ba00-2db7bb85c28f","block_type":"box","text":"10.67","page_number":69,"box":{"x":235,"y":621,"width":25,"height":6}},{"id":"669852ee-3e3d-4ae7-b8f4-4d82fc544064","block_type":"box","text":"19.28","page_number":69,"box":{"x":272,"y":608,"width":25,"height":6}},{"id":"bd6a8008-75d5-4f3b-a863-deb35f47b375","block_type":"box","text":"-7.86","page_number":69,"box":{"x":309,"y":665,"width":23,"height":6}},{"id":"a2f96929-6c14-4c46-b83e-11fa082d6cce","block_type":"box","text":"17.05","page_number":69,"box":{"x":346,"y":612,"width":25,"height":6}},{"id":"0c6a9f88-3b8b-48ed-834b-cc8e391933b7","block_type":"box","text":"4.02","page_number":69,"box":{"x":384,"y":632,"width":21,"height":6}},{"id":"78957972-a51f-4e74-94bd-146aaae479aa","block_type":"box","text":"4.42","page_number":69,"box":{"x":422,"y":631,"width":20,"height":6}},{"id":"0e13209f-52f9-4ef2-9371-ee264f1e5b57","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":69,"box":{"x":87,"y":685,"width":356,"height":6}},{"id":"5664a490-f4bf-480d-acc5-b5528fa4e013","block_type":"box","text":"Return (%) Period Ended","page_number":69,"box":{"x":736,"y":546,"width":188,"height":9}},{"id":"7d6fc77d-dda4-4943-ac8d-773d66d2d412","block_type":"box","text":"Calendar Year-to-Date Return","page_number":69,"box":{"x":520,"y":564,"width":197,"height":8}},{"id":"775a59fa-cbe7-43ef-b0f6-12d34efe17e3","block_type":"box","text":"-11.49% June 30, 2026","page_number":69,"box":{"x":743,"y":564,"width":199,"height":9}},{"id":"022bfb9a-7e61-4be8-9188-603dfc8b90a9","block_type":"box","text":"During the periods shown in the chart:","page_number":69,"box":{"x":520,"y":577,"width":250,"height":10}},{"id":"1695a279-48c6-4441-82d3-1407cd3f2bc7","block_type":"box","text":"Best Quarter 23.29% December 31, 2020","page_number":69,"box":{"x":534,"y":590,"width":408,"height":9}},{"id":"121a3d6d-f935-471a-977a-e3f881fe6939","block_type":"box","text":"Worst Quarter -32.96% March 31, 2020","page_number":69,"box":{"x":533,"y":603,"width":409,"height":9}},{"id":"68686079-7a69-4101-9ee4-92d7a52a2523","block_type":"box","text":"Average Annual Total Returns (%)","page_number":69,"box":{"x":372,"y":715,"width":251,"height":11}},{"id":"b48daa8f-8c42-4858-878f-0187b07f1ba8","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":69,"box":{"x":340,"y":730,"width":315,"height":10}},{"id":"eaa9900a-473f-403c-96b3-05825de1551b","block_type":"box","text":"One Year Five Years Ten Years","page_number":69,"box":{"x":670,"y":746,"width":268,"height":8}},{"id":"5d3ad009-269c-4d14-b557-30e4bf33b76d","block_type":"box","text":"Fund Inception: 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10.62%","page_number":69,"box":{"x":154,"y":832,"width":785,"height":10}},{"id":"24a95d03-9a69-4f93-bf44-55172d898dc0","block_type":"box","text":"1","page_number":69,"box":{"x":80,"y":851,"width":5,"height":5}},{"id":"dafd3519-7885-45bc-ad03-219dfef6db92","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":69,"box":{"x":94,"y":852,"width":827,"height":10}},{"id":"e51fd501-d853-4282-9c89-08d0e26d0038","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":69,"box":{"x":93,"y":863,"width":847,"height":9}},{"id":"4098947f-f651-42b9-a997-c824e71acc5d","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":69,"box":{"x":93,"y":873,"width":843,"height":10}},{"id":"5ce8128f-65b4-4c0e-89f3-09ae571c7933","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":69,"box":{"x":92,"y":883,"width":829,"height":10}},{"id":"a14740c9-5c21-4814-9968-87455eed7d6a","block_type":"box","text":"tax rates, if any.","page_number":69,"box":{"x":92,"y":894,"width":97,"height":9}},{"id":"c2444183-4c38-4d86-a8c1-790100f57b4b","block_type":"box","text":"S-61","page_number":69,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"bd12bb56-16e5-4b2b-8504-6da8c72c0a70","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":70,"box":{"x":52,"y":46,"width":857,"height":11}},{"id":"6ef48b41-e6a4-4019-a3bb-440fb88f7303","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":70,"box":{"x":53,"y":61,"width":865,"height":10}},{"id":"b125c24f-b4a4-47be-be6b-b1990d2ef6ed","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":70,"box":{"x":53,"y":75,"width":847,"height":11}},{"id":"1df6b8dc-8306-4064-9018-fe301ad703d5","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":70,"box":{"x":52,"y":89,"width":857,"height":11}},{"id":"c57f7708-ff5d-4588-a466-7717dcc133bf","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":70,"box":{"x":53,"y":103,"width":877,"height":11}},{"id":"7afb476a-930a-4ce1-847d-76b24eb458e4","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":70,"box":{"x":52,"y":117,"width":836,"height":11}},{"id":"5953dafa-2186-4e80-93bc-07674299788d","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":70,"box":{"x":53,"y":131,"width":886,"height":11}},{"id":"58dbc5a6-c708-49bd-824e-93bfa7bd6a84","block_type":"box","text":"on distributions.","page_number":70,"box":{"x":53,"y":146,"width":114,"height":8}},{"id":"e5397a37-cefa-41c5-a798-9587517ae107","block_type":"box","text":"Management","page_number":70,"box":{"x":54,"y":175,"width":119,"height":13}},{"id":"5a6d5dd3-928c-4390-b8f7-eaa2fb164824","block_type":"box","text":"Investment Adviser.","page_number":70,"box":{"x":53,"y":200,"width":145,"height":8}},{"id":"0ba89ef4-d23a-401b-94c1-4d3673b70c3c","block_type":"box","text":"BlackRock Fund Advisors.","page_number":70,"box":{"x":204,"y":200,"width":180,"height":8}},{"id":"ce1ca368-c007-4d7d-bc17-bdde73c96790","block_type":"box","text":"Portfolio Managers.","page_number":70,"box":{"x":53,"y":223,"width":146,"height":11}},{"id":"afd9504d-7250-4a8a-aa7d-09905bdd9ec8","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":70,"box":{"x":203,"y":223,"width":679,"height":11}},{"id":"bef0bf37-4950-4bd3-8cbe-97d31f12f2b5","block_type":"box","text":"management of the Fund:","page_number":70,"box":{"x":53,"y":237,"width":182,"height":11}},{"id":"8b0c200d-cae5-4f71-9a89-b65268a03bd1","block_type":"box","text":"Portfolio Manager","page_number":70,"box":{"x":58,"y":273,"width":119,"height":10}},{"id":"5179c465-1b95-4e44-912d-4a75d86f0058","block_type":"box","text":"Portfolio Manager of the","page_number":70,"box":{"x":411,"y":260,"width":160,"height":10}},{"id":"0ff8546a-a542-406a-882c-f82394a88de8","block_type":"box","text":"Fund Since","page_number":70,"box":{"x":455,"y":273,"width":72,"height":7}},{"id":"23806246-93c0-477b-8bd2-1a75b80762fc","block_type":"box","text":"Title with Investment","page_number":70,"box":{"x":804,"y":260,"width":140,"height":8}},{"id":"3ba6b4e7-4a17-463e-8279-4091e2bae7d3","block_type":"box","text":"Adviser","page_number":70,"box":{"x":849,"y":273,"width":49,"height":7}},{"id":"c2ac0564-3397-4fca-8faf-18a2e6da817c","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":70,"box":{"x":57,"y":288,"width":876,"height":10}},{"id":"0b1dcbc3-c5f4-4cf7-b95a-469f2f435e05","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":70,"box":{"x":58,"y":304,"width":875,"height":10}},{"id":"99d14a6f-e5c7-49d3-b5d0-dcff6fdfe646","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":70,"box":{"x":58,"y":319,"width":875,"height":10}},{"id":"8219eb8c-02c3-4993-89e7-849cdaffd53b","block_type":"box","text":"Steven White 2025 Managing Director","page_number":70,"box":{"x":57,"y":335,"width":876,"height":9}},{"id":"5a3fe2ed-545a-464e-beb3-2b5c2b9d9509","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":70,"box":{"x":54,"y":370,"width":304,"height":10}},{"id":"e1bb7d71-df6d-4e3e-b225-9e5c7dd9bc5a","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":70,"box":{"x":52,"y":395,"width":878,"height":11}},{"id":"1344cb7c-1bf1-4c36-b91c-a085f65571b3","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":70,"box":{"x":53,"y":410,"width":855,"height":10}},{"id":"5fe4b8e1-e4ac-48f7-bb4a-bcf6736e6b03","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":70,"box":{"x":52,"y":423,"width":817,"height":11}},{"id":"b4cc0ae3-55c3-4847-a313-6595ea972053","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":70,"box":{"x":53,"y":438,"width":878,"height":10}},{"id":"94e5deb7-aaeb-4347-8242-e294c8bc50ca","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":70,"box":{"x":53,"y":452,"width":861,"height":11}},{"id":"93435282-564f-453c-b279-61bbc8a9d190","block_type":"box","text":"(the “bid-ask spread”).","page_number":70,"box":{"x":53,"y":466,"width":156,"height":11}},{"id":"bf3e4370-ccfd-4784-9d03-fd8f2b708265","block_type":"box","text":"Tax Information","page_number":70,"box":{"x":52,"y":495,"width":144,"height":10}},{"id":"07ae5f71-e5fb-473c-98ba-fd69e0396f5f","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":70,"box":{"x":52,"y":520,"width":831,"height":11}},{"id":"f6724d91-03a1-40e0-b5ee-529913c93025","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":70,"box":{"x":53,"y":534,"width":883,"height":11}},{"id":"dd4f3947-00c6-4723-8fc8-51f439fdaea5","block_type":"box","text":"be taxed when withdrawn.","page_number":70,"box":{"x":53,"y":549,"width":182,"height":8}},{"id":"85f58fa7-f339-4431-96dc-fa41ebda28c6","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":70,"box":{"x":54,"y":578,"width":575,"height":13}},{"id":"51f56ff3-58f0-4324-ab37-0062863c6ed0","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":70,"box":{"x":53,"y":603,"width":855,"height":11}},{"id":"d8ef1079-335d-41cf-a3d6-ce2c5f7c1321","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":70,"box":{"x":53,"y":617,"width":843,"height":11}},{"id":"2940d7ea-1934-4464-8b63-df576cc50034","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":70,"box":{"x":53,"y":631,"width":820,"height":11}},{"id":"66292bf4-70d0-42a4-9b97-4ef31cb774a6","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":70,"box":{"x":53,"y":645,"width":801,"height":11}},{"id":"5557f492-5959-4a0f-aeaa-381ec059c223","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":70,"box":{"x":53,"y":660,"width":841,"height":10}},{"id":"469c35ab-6e85-48c0-8ddd-a7cfd28e6d41","block_type":"box","text":"financial intermediary’s website for more information.","page_number":70,"box":{"x":52,"y":674,"width":380,"height":10}},{"id":"33ba6a8a-90c3-4a24-8108-58a092753415","block_type":"box","text":"S-62","page_number":70,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"9a70a40e-bf48-4876-83e8-95cbe8f88665","block_type":"box","text":"iShares International Dividend Growth ETF","page_number":71,"box":{"x":53,"y":47,"width":599,"height":16}},{"id":"a68e5647-c256-4d23-a55f-0e8d1e74371b","block_type":"box","text":"IGRO | Cboe BZX","page_number":71,"box":{"x":54,"y":70,"width":232,"height":18}},{"id":"51134b4b-ed9f-425f-b49e-004eec98d046","block_type":"box","text":"Investment Objective","page_number":71,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"002d9aa7-eb75-4c40-8283-34e86a20cdbb","block_type":"box","text":"The iShares International Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":71,"box":{"x":52,"y":134,"width":864,"height":11}},{"id":"1f381b68-1ac0-444e-85a8-63a3bd139144","block_type":"box","text":"international equities with a history of consistently growing dividends.","page_number":71,"box":{"x":53,"y":148,"width":495,"height":11}},{"id":"5fe48f43-3fa9-48b8-ad23-accf2f76cbc9","block_type":"box","text":"Fees and Expenses","page_number":71,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"0f588171-ec18-4ecb-b4b7-a048a30a7306","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":71,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"c98d8fcd-655e-4c3d-a666-f8381a35635f","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":71,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"802d3675-8bb4-4b3c-908a-ae8232773716","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":71,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"30afefee-0a8c-4f7b-91ab-25bbc99b1511","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":71,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"572b9a74-6566-423f-b926-eacb2697c4e0","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":71,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"88975d49-ffc4-4082-b6b1-daeec18f862a","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":71,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"1f8a0276-6d34-4504-915f-b95ae5faa1f9","block_type":"box","text":"extraordinary expenses.","page_number":71,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"de6a415e-894e-44ed-b1ea-981bc0d5cfd3","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":71,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"5dbec88d-5182-480c-8a8e-b468f5d78eef","block_type":"box","text":"reflected in the table and example below.","page_number":71,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"5ff66bd3-6b3e-4c51-b251-841a50e49e0e","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":71,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"9ef72991-e33a-4758-ad5b-22b1a120eb19","block_type":"box","text":"1","page_number":71,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"c5daf8c7-55fe-4e4e-8de6-53b0e25cb470","block_type":"box","text":"Management Fee","page_number":71,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"b76783eb-6a30-4690-9990-37c2e232b39b","block_type":"box","text":"0.15%","page_number":71,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"31540992-b118-43d4-8c13-ab0f52f822b0","block_type":"box","text":"Other Expenses","page_number":71,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"4295fdc8-93d6-459c-8b22-a07c1f2d41a6","block_type":"box","text":"0.00%","page_number":71,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"20124d76-ea2f-43ab-8b59-4deaecad0225","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":71,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"190bf657-61a6-43af-90e9-e40edff6dd02","block_type":"box","text":"0.15%","page_number":71,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"76b2025a-d62a-4dff-94f4-bcf47f3c9675","block_type":"box","text":"1","page_number":71,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"d43e684c-6a37-4490-935f-c68e948a0b93","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":71,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"b816863c-5d76-47ad-bb63-4d5d1ad9b9f0","block_type":"box","text":"Example.","page_number":71,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"d45b0049-de9f-4142-93ff-22bccef35419","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":71,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"d1f4d230-fb20-43da-ac67-c9df53f4474a","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":71,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"28e0cee8-922a-40a1-a967-c3c9ef0cc572","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":71,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"1e071867-faf1-4f84-99da-becce71c5327","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":71,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"e09f7162-cd90-46b1-b529-0cba9d99c3bd","block_type":"box","text":"your costs would be:","page_number":71,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"e60591f0-63ac-4aca-adea-af39b43a20c7","block_type":"box","text":"Expense Example","page_number":71,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"51219995-cd37-4759-aea8-366b50dcf2fa","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":71,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"20ee67d1-f4bc-4b98-ba0a-9cea11780622","block_type":"box","text":"Example Fund Costs","page_number":71,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"ee9d01ff-6fa8-4038-a876-0dfdf18e41c1","block_type":"box","text":"$15 $48 $85 $192","page_number":71,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"3c1c68af-3961-45c7-b39e-416bec77172d","block_type":"box","text":"Portfolio Turnover.","page_number":71,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"8b694953-cad2-4dfa-91c6-6c0c2140163b","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":71,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"3eff6f50-2880-4b93-beed-814bab6db881","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":71,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"f4809662-2133-4e21-8820-b7bce716fcce","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":71,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"c73b6115-795b-4ef3-b9df-c975bb0aac8e","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 56% of","page_number":71,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"d1261792-7269-4465-8dae-7ceed20d9cbf","block_type":"box","text":"the average value of its portfolio.","page_number":71,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"e7aaa44a-cdbd-4adc-8ae7-4ad009390243","block_type":"box","text":"Principal Investment Strategies","page_number":71,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"7d2692c6-3f83-4ad3-b5c0-835f665eedc8","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":71,"box":{"x":52,"y":683,"width":467,"height":10}},{"id":"ae4ee19f-13e0-4867-9068-682ad28a8bd2","block_type":"box","text":"®","page_number":71,"box":{"x":520,"y":682,"width":4,"height":3}},{"id":"173b29bf-7f44-4e6f-817c-719921d3a5df","block_type":"box","text":"Global ex-US Dividend Growth Index","page_number":71,"box":{"x":530,"y":683,"width":257,"height":8}},{"id":"2b60d5cf-3d63-40a8-9878-772d13a61487","block_type":"box","text":"SM","page_number":71,"box":{"x":788,"y":681,"width":17,"height":5}},{"id":"150f62a0-7bff-48ff-934e-043a409ed40d","block_type":"box","text":"(the “Underlying","page_number":71,"box":{"x":810,"y":682,"width":115,"height":11}},{"id":"9fd5b656-87a5-45d7-bad4-e069d1606c94","block_type":"box","text":"Index”), which is a dividend dollars weighted index that seeks to measure the performance of international equities selected","page_number":71,"box":{"x":53,"y":697,"width":872,"height":11}},{"id":"acf46179-0283-4d69-a13b-336957da2ddd","block_type":"box","text":"based on a consistent history of growing dividends, as determined by Morningstar Inc. (the “Index Provider” or","page_number":71,"box":{"x":53,"y":711,"width":779,"height":11}},{"id":"5d1346f8-9fb8-48ed-ae6c-1d7101a1b748","block_type":"box","text":"“Morningstar”). The Underlying Index is a subset of the Morningstar","page_number":71,"box":{"x":53,"y":725,"width":480,"height":11}},{"id":"3b798c8f-6a0d-424f-a0cc-51121ce92c26","block_type":"box","text":"®","page_number":71,"box":{"x":534,"y":724,"width":4,"height":4}},{"id":"54fde5c5-980c-4f79-811b-8cd9c4e048ce","block_type":"box","text":"Global Markets ex-US Index","page_number":71,"box":{"x":543,"y":725,"width":197,"height":9}},{"id":"a595d0f4-4055-4e08-8d74-5fe36fdd6520","block_type":"box","text":"SM","page_number":71,"box":{"x":741,"y":724,"width":16,"height":5}},{"id":"30a89ac0-8409-4e91-95e5-e7779bd58fe0","block_type":"box","text":", which is a diversified","page_number":71,"box":{"x":759,"y":725,"width":153,"height":10}},{"id":"62a1d5d6-4153-426f-8b69-91ca37cec6d5","block_type":"box","text":"broad market index that represents approximately 97% of the market capitalization in international developed and emerging","page_number":71,"box":{"x":53,"y":739,"width":882,"height":11}},{"id":"ad9abf56-db79-496f-ba1c-ee057e98d293","block_type":"box","text":"markets, as defined by Morningstar. Eligible companies for the Underlying Index must pay a dividend and not be classified as","page_number":71,"box":{"x":53,"y":754,"width":884,"height":10}},{"id":"daa3b482-1365-48cf-850e-4c3fffa71cda","block_type":"box","text":"a REIT, must have at least five years of uninterrupted annual dividend growth and must have an earnings payout ratio of less","page_number":71,"box":{"x":53,"y":768,"width":878,"height":11}},{"id":"d694c0c9-548f-4a50-b5b0-78bd6da6be7e","block_type":"box","text":"than 75%. A company that is in the top decile of dividend yield for its region, as defined by the Index Provider (for example,","page_number":71,"box":{"x":52,"y":782,"width":865,"height":11}},{"id":"ca453f42-ea1d-4644-8ae2-69f44e8091cf","block_type":"box","text":"Developed Asia Pacific, Developed Europe, Middle East and Africa, Developed North America ex-US (Canada) and Emerging","page_number":71,"box":{"x":53,"y":796,"width":874,"height":11}},{"id":"f1572a9f-67bc-4dc6-820e-8869b420c9e8","block_type":"box","text":"Markets), is excluded from the Underlying Index. The Underlying Index is weighted by dividend dollars (total value of","page_number":71,"box":{"x":53,"y":810,"width":820,"height":11}},{"id":"5ce12e92-1ac3-43db-8e79-3c2aeebc5f4c","block_type":"box","text":"dividends paid out over the past trailing 12 months) and constrained by capping each company at 3%.","page_number":71,"box":{"x":53,"y":824,"width":725,"height":11}},{"id":"4c1d3bcb-9006-4bbb-9d50-35a46dbfb2df","block_type":"box","text":"The Underlying Index was composed of securities of companies in 34 countries as of March 31, 2026. The Underlying Index","page_number":71,"box":{"x":52,"y":846,"width":875,"height":11}},{"id":"70c887b9-5084-4cbc-af03-b7bfc9ded370","block_type":"box","text":"may include large-, mid- and small- capitalization companies. As of March 31, 2026, a significant portion of the Underlying","page_number":71,"box":{"x":53,"y":861,"width":871,"height":10}},{"id":"4dcc83fc-be53-42f0-82c3-f1fea27bf1e1","block_type":"box","text":"Index was represented by securities of companies in the consumer goods and services and financials industries or sectors.","page_number":71,"box":{"x":53,"y":875,"width":867,"height":11}},{"id":"d06f5efa-36fd-440a-b721-85139068f55a","block_type":"box","text":"The components of the Underlying Index are likely to change over time.","page_number":71,"box":{"x":52,"y":889,"width":502,"height":11}},{"id":"5763f780-cb34-4263-a03d-229993786067","block_type":"box","text":"S-63","page_number":71,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"4a29541f-48d3-47fd-b4b8-a03042d1d78b","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":72,"box":{"x":52,"y":46,"width":853,"height":11}},{"id":"18e93b6f-9107-4b68-9594-7a13f7363973","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":72,"box":{"x":53,"y":60,"width":839,"height":11}},{"id":"c1d4e777-b463-40b5-ba3a-312d684016d4","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":72,"box":{"x":53,"y":75,"width":868,"height":11}},{"id":"a2da16a0-fef9-43ac-8d19-926460affd14","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":72,"box":{"x":53,"y":89,"width":851,"height":11}},{"id":"19183676-e05e-4f87-b9d8-ecb6affdf6e8","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":72,"box":{"x":53,"y":103,"width":806,"height":11}},{"id":"5dda6007-5d15-4b3e-af9b-f4e142704dba","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":72,"box":{"x":53,"y":117,"width":884,"height":11}},{"id":"bb20d543-b896-498c-9600-8e5c61efc98f","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":72,"box":{"x":52,"y":131,"width":884,"height":11}},{"id":"5b37edad-bc41-493d-aad4-0d73b2864e81","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":72,"box":{"x":53,"y":146,"width":852,"height":11}},{"id":"64d6a4d2-ed19-46c0-a474-ad58f7ab9035","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":72,"box":{"x":53,"y":160,"width":867,"height":11}},{"id":"83980068-2562-424a-9286-a60b443c113f","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":72,"box":{"x":52,"y":174,"width":869,"height":11}},{"id":"c84a5bac-6e97-43f3-8593-ec2d6b974760","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":72,"box":{"x":52,"y":188,"width":863,"height":11}},{"id":"f2879a6c-d7a2-411b-b636-e7d1b5389d0c","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":72,"box":{"x":53,"y":202,"width":826,"height":11}},{"id":"5264279f-cc98-4617-96f5-615f6bfde804","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":72,"box":{"x":53,"y":217,"width":405,"height":10}},{"id":"eadcbad6-40be-4b14-a20d-a2b9c407a95f","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":72,"box":{"x":53,"y":240,"width":844,"height":11}},{"id":"0a2422a6-c928-43f9-9293-b02ddcf5e9d6","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":72,"box":{"x":53,"y":254,"width":860,"height":11}},{"id":"e2460fd6-b1ee-44ce-adf9-a13a07f5c8e5","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":72,"box":{"x":53,"y":268,"width":831,"height":11}},{"id":"47df8fd2-0043-4990-b654-81c0f6fcceef","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":72,"box":{"x":53,"y":282,"width":817,"height":11}},{"id":"359c2e0c-46e7-4b79-8915-22c46b67f617","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":72,"box":{"x":53,"y":296,"width":818,"height":11}},{"id":"dd371101-d47d-4897-9b9b-4f520e8b282a","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":72,"box":{"x":53,"y":310,"width":835,"height":12}},{"id":"793c445d-a343-4d41-9d9b-f39d6e30ffef","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":72,"box":{"x":52,"y":334,"width":873,"height":11}},{"id":"95ac737c-b6ad-49e5-9b95-53cf728035b7","block_type":"box","text":"collateral received).","page_number":72,"box":{"x":53,"y":348,"width":136,"height":9}},{"id":"6e1e22df-7a27-4c06-9ce1-cf8b4f7f1454","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":72,"box":{"x":52,"y":371,"width":889,"height":11}},{"id":"0f5ed92b-e0a9-4286-b557-dd4dc8f99605","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":72,"box":{"x":52,"y":385,"width":884,"height":11}},{"id":"2e99a676-2f55-4ad7-bd82-2d005f947748","block_type":"box","text":"market value of the Underlying Index.","page_number":72,"box":{"x":53,"y":400,"width":263,"height":10}},{"id":"ae847a7a-dc4d-4f1c-96e0-5953cb12b5da","block_type":"box","text":"Industry Concentration Policy.","page_number":72,"box":{"x":53,"y":423,"width":224,"height":11}},{"id":"f8bd3fc5-74f6-4f8c-ad95-9e287a20f03c","block_type":"box","text":"The Fund will concentrate its investments (","page_number":72,"box":{"x":281,"y":423,"width":304,"height":9}},{"id":"b90c79ca-04e7-4083-a594-ef6d0eab71fd","block_type":"box","text":"i.e.","page_number":72,"box":{"x":587,"y":423,"width":17,"height":8}},{"id":"e921e93c-838b-44d4-aab4-fb6a34031681","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":72,"box":{"x":606,"y":423,"width":292,"height":10}},{"id":"9c4e6e01-86b3-4b74-9e40-ca1d16f201fb","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":72,"box":{"x":53,"y":437,"width":858,"height":11}},{"id":"11ca848f-f9af-478e-bb62-1bf8701856b1","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":72,"box":{"x":53,"y":451,"width":868,"height":11}},{"id":"24bfd069-4f2b-4e21-8dd8-bd3b48a11b4a","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":72,"box":{"x":53,"y":465,"width":826,"height":11}},{"id":"3b64dfad-7a2a-4b49-b68a-c0f56a9046eb","block_type":"box","text":"Summary of Principal Risks","page_number":72,"box":{"x":52,"y":494,"width":248,"height":14}},{"id":"e6b9d6a9-22d3-40fe-b566-9df238864a7e","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":72,"box":{"x":52,"y":520,"width":881,"height":10}},{"id":"4ac0cece-ee99-4b66-81c1-d03d95186746","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":72,"box":{"x":53,"y":534,"width":824,"height":11}},{"id":"2d22e141-a6eb-45f3-8afa-88c72e5579f4","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":72,"box":{"x":53,"y":548,"width":807,"height":11}},{"id":"41948c0d-4a96-48cb-906a-e494973b4fee","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":72,"box":{"x":53,"y":562,"width":844,"height":11}},{"id":"5f5750e0-e94f-44eb-a737-ce3348bed1d6","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":72,"box":{"x":52,"y":576,"width":815,"height":11}},{"id":"cde9d5a1-9695-4cde-9096-d6a4243a7dff","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":72,"box":{"x":53,"y":599,"width":182,"height":9}},{"id":"2b233f13-b016-4078-9976-6eda4f996fdb","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":72,"box":{"x":240,"y":599,"width":687,"height":11}},{"id":"d2c6ed90-09f6-4057-9c67-e33cbcd48ce5","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":72,"box":{"x":53,"y":614,"width":853,"height":10}},{"id":"58b6d802-2b1d-47c6-b56f-c9d0f13018a2","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":72,"box":{"x":52,"y":628,"width":847,"height":11}},{"id":"3b7d954e-bca2-4315-ba3f-2a1eddb90e2f","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":72,"box":{"x":53,"y":642,"width":889,"height":11}},{"id":"635f15ec-2f89-493a-afe1-dbebea6b4e99","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":72,"box":{"x":53,"y":656,"width":842,"height":11}},{"id":"eba92e30-1bc8-4ac5-8907-cc1241022411","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":72,"box":{"x":53,"y":670,"width":831,"height":11}},{"id":"a1a0d533-4839-4280-91da-4615656833bf","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":72,"box":{"x":53,"y":685,"width":821,"height":10}},{"id":"a6274652-19a1-4d50-9a98-3b721595f031","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":72,"box":{"x":53,"y":699,"width":871,"height":11}},{"id":"433dcaf2-687f-4857-b78c-6556691deb0f","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":72,"box":{"x":53,"y":713,"width":289,"height":11}},{"id":"06c9f490-4c67-4793-8e1a-5a7183941a48","block_type":"box","text":"Asian Economic Risk","page_number":72,"box":{"x":346,"y":713,"width":154,"height":8}},{"id":"e347ce56-1a3e-40e4-a95b-97fb67ef848b","block_type":"box","text":"and","page_number":72,"box":{"x":504,"y":713,"width":25,"height":8}},{"id":"0d1a4e33-cbdf-4cd1-bb90-85dcfbf41c72","block_type":"box","text":"European Economic Risk.","page_number":72,"box":{"x":536,"y":713,"width":186,"height":10}},{"id":"c8997ee4-5312-44dc-9f47-3f7098d0e609","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":72,"box":{"x":53,"y":736,"width":208,"height":11}},{"id":"0b503407-d30a-4fec-985a-d9c60413536e","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":72,"box":{"x":267,"y":736,"width":666,"height":11}},{"id":"f14c1ccc-d86c-446b-af67-0429a794d7c6","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":72,"box":{"x":53,"y":750,"width":863,"height":11}},{"id":"9458d7b4-32d8-47d8-8d8b-a7b1c8faf7ea","block_type":"box","text":"not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will","page_number":72,"box":{"x":53,"y":764,"width":877,"height":11}},{"id":"54de4c78-b550-4a7e-9a76-04403ef33f39","block_type":"box","text":"not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating","page_number":72,"box":{"x":53,"y":779,"width":858,"height":10}},{"id":"f0e31266-462e-4391-8cc5-65da9d5b0086","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":72,"box":{"x":53,"y":793,"width":744,"height":11}},{"id":"ff4a4a59-5b5b-46e9-86b9-6ab080abc770","block_type":"box","text":"Equity Securities Risk.","page_number":72,"box":{"x":53,"y":816,"width":164,"height":11}},{"id":"b5008260-d1f7-4555-a7e3-d4920af1c552","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":72,"box":{"x":223,"y":816,"width":709,"height":11}},{"id":"5c80fa7c-d0ac-4e05-b65d-9e0e05786f42","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":72,"box":{"x":53,"y":830,"width":889,"height":11}},{"id":"b284730c-4f0c-46f3-9f16-4df5bb5af190","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":72,"box":{"x":53,"y":844,"width":880,"height":11}},{"id":"a1165f33-758d-4429-84ea-e14974ea6c22","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":72,"box":{"x":53,"y":859,"width":867,"height":10}},{"id":"f5e6365f-1e84-43e8-97b3-b4fb8062b040","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":72,"box":{"x":53,"y":873,"width":339,"height":11}},{"id":"1fc1f979-6d97-4866-9d10-7182b0f42758","block_type":"box","text":"S-64","page_number":72,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"e61c3488-55b4-4fff-a8e8-6b2633c21a6a","block_type":"box","text":"Market Risk.","page_number":73,"box":{"x":53,"y":46,"width":91,"height":9}},{"id":"de294f0c-754e-4d7c-91e3-d1560f28865e","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":73,"box":{"x":148,"y":47,"width":768,"height":10}},{"id":"a8a6ced4-9f08-4ebb-aa23-ea0df9ab943c","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":73,"box":{"x":53,"y":61,"width":882,"height":10}},{"id":"d5454eff-d782-40fe-b8ed-6668f0bfd974","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":73,"box":{"x":53,"y":75,"width":858,"height":11}},{"id":"b79f82bb-5a2e-4fc1-abc2-b06bbea322fa","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":73,"box":{"x":53,"y":89,"width":875,"height":11}},{"id":"1cad9bdf-b310-4def-8760-f0b8b27a67c6","block_type":"box","text":"Fund’s NAV.","page_number":73,"box":{"x":53,"y":103,"width":82,"height":9}},{"id":"1a80eed1-bd8a-4b93-86e0-8411505c989c","block_type":"box","text":"Index-Related Risk.","page_number":73,"box":{"x":53,"y":126,"width":143,"height":9}},{"id":"1cae42ea-9a86-4049-8124-806cbb84d15e","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":73,"box":{"x":201,"y":126,"width":742,"height":11}},{"id":"c73ead0b-84e6-43fc-b312-3c8a341812cc","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":73,"box":{"x":53,"y":141,"width":856,"height":10}},{"id":"1951a85b-15c7-4891-aae0-2db01e2160d8","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":73,"box":{"x":53,"y":155,"width":852,"height":11}},{"id":"69185eeb-0f71-4c1e-8ec5-fe47f76d5c1c","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":73,"box":{"x":53,"y":169,"width":876,"height":11}},{"id":"ab6a2f71-ff82-4076-84a3-5a6e11c47ddf","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":73,"box":{"x":52,"y":183,"width":849,"height":11}},{"id":"538bb8dc-7355-45b8-95ea-f7b65a3c2e00","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":73,"box":{"x":53,"y":197,"width":849,"height":11}},{"id":"742e2034-402e-42f1-bc5c-cfed6801b796","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":73,"box":{"x":53,"y":211,"width":890,"height":11}},{"id":"ae795b58-2376-4734-ae58-abc1cab55184","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":73,"box":{"x":53,"y":226,"width":853,"height":10}},{"id":"ecf75815-245b-44f4-987b-1d7be134ebbc","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":73,"box":{"x":53,"y":240,"width":539,"height":11}},{"id":"8493059b-f12c-4553-aec8-12efa69fd8f5","block_type":"box","text":"Asset Class Risk.","page_number":73,"box":{"x":52,"y":263,"width":122,"height":8}},{"id":"1ea2b007-f76d-4a10-90d5-c6d724efb261","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":73,"box":{"x":179,"y":263,"width":721,"height":11}},{"id":"7ba9e981-947b-4e5f-8c06-0a64c593c328","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":73,"box":{"x":53,"y":277,"width":774,"height":11}},{"id":"dc7dff91-2dc2-4e3d-a6e9-194f591f0b1b","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":73,"box":{"x":52,"y":300,"width":318,"height":11}},{"id":"c69b02b1-b51b-4edd-a034-498d39acefc1","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":73,"box":{"x":374,"y":300,"width":531,"height":11}},{"id":"950209a7-d969-4023-849a-a584cef12f5e","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":73,"box":{"x":53,"y":315,"width":810,"height":10}},{"id":"34787c17-74e9-4137-8fc8-5c960a81a6d5","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":73,"box":{"x":52,"y":329,"width":816,"height":11}},{"id":"896db615-ca96-42eb-9090-0ef8be96ad05","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":73,"box":{"x":52,"y":343,"width":884,"height":11}},{"id":"fa3a0931-45be-4314-844d-04eaec14b466","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":73,"box":{"x":53,"y":357,"width":871,"height":11}},{"id":"e29b388b-56b6-44b4-8fe1-208df815245d","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":73,"box":{"x":53,"y":371,"width":846,"height":11}},{"id":"0b5d2d43-258e-496a-b8bb-82463fda263b","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":73,"box":{"x":52,"y":385,"width":881,"height":11}},{"id":"a8784734-71c9-4755-9c55-b563f13736df","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":73,"box":{"x":53,"y":400,"width":853,"height":10}},{"id":"1455caaa-68d3-48c7-a321-330905ceb666","block_type":"box","text":"halts or delisting.","page_number":73,"box":{"x":53,"y":414,"width":121,"height":11}},{"id":"1ab8ca34-08ca-42a5-adf8-071fc5ae7a8e","block_type":"box","text":"Concentration Risk.","page_number":73,"box":{"x":53,"y":437,"width":145,"height":9}},{"id":"8c065ecf-3809-4015-a1a8-8adc41838c67","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":73,"box":{"x":202,"y":437,"width":711,"height":11}},{"id":"9e5cb922-390c-422f-a4b6-8e31ca7cd2c2","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":73,"box":{"x":53,"y":451,"width":884,"height":10}},{"id":"cbaf0594-1717-410e-89da-958526c071c0","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":73,"box":{"x":52,"y":465,"width":887,"height":11}},{"id":"92eedf06-1070-48e3-87a1-10bd9652b34b","block_type":"box","text":"asset classes.","page_number":73,"box":{"x":53,"y":480,"width":95,"height":8}},{"id":"6871e6ed-9d1d-4f79-ade2-5a83f97ba7e2","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":73,"box":{"x":53,"y":503,"width":349,"height":10}},{"id":"620a7beb-fd0e-4450-a32a-95d633a6bfc8","block_type":"box","text":"Consumer goods and services companies face risks related to changes in","page_number":73,"box":{"x":407,"y":503,"width":518,"height":11}},{"id":"13278870-b8e5-44cb-b10a-e1b053e59d77","block_type":"box","text":"consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage","page_number":73,"box":{"x":53,"y":517,"width":880,"height":11}},{"id":"304ac3b4-7549-432a-b30e-bb401a5870bc","block_type":"box","text":"to brand or reputation, economic slowdown and labor shortages, among other things.","page_number":73,"box":{"x":52,"y":531,"width":605,"height":11}},{"id":"d895e662-61e2-490c-a5d6-861c38c1ab0a","block_type":"box","text":"Currency Risk.","page_number":73,"box":{"x":53,"y":554,"width":106,"height":11}},{"id":"df4b5629-826a-4874-8333-42491b8e253d","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":73,"box":{"x":164,"y":554,"width":751,"height":11}},{"id":"dd557ed2-426e-475e-b75f-ae03814cd46a","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":73,"box":{"x":53,"y":569,"width":842,"height":10}},{"id":"784a76fe-8cdb-4cac-9b9f-619dd1f34fe9","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":73,"box":{"x":52,"y":583,"width":854,"height":11}},{"id":"13e6cf71-5d3e-4f53-9479-70b6e4382775","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":73,"box":{"x":53,"y":597,"width":869,"height":11}},{"id":"2804bf08-305d-41f4-8589-91e5908f26a8","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":73,"box":{"x":53,"y":611,"width":309,"height":11}},{"id":"b40b070a-b269-40eb-a3b0-850098a0981d","block_type":"box","text":"Custody Risk.","page_number":73,"box":{"x":53,"y":634,"width":99,"height":11}},{"id":"49a37278-c174-416b-80c8-9767f104ab99","block_type":"box","text":"Less developed securities markets are more likely to experience problems with the clearing and settlement of","page_number":73,"box":{"x":158,"y":634,"width":769,"height":11}},{"id":"7aa59688-7b9d-409e-8528-75303c77a7f1","block_type":"box","text":"trades, as well as the custody of securities and other assets by local banks, agents and depositories. These issues may have an","page_number":73,"box":{"x":52,"y":648,"width":890,"height":11}},{"id":"576f52ac-b630-44c2-af67-f18d10c247ab","block_type":"box","text":"adverse impact on the Fund, including losses or delays in payments, delivery or recovery of money or other assets.","page_number":73,"box":{"x":53,"y":663,"width":804,"height":10}},{"id":"a1ff24f6-5d63-47a2-a2b1-307072270e38","block_type":"box","text":"Financial Companies Risk.","page_number":73,"box":{"x":53,"y":686,"width":193,"height":10}},{"id":"b7ca2732-4abf-4f76-a0be-194f1fa8954f","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":73,"box":{"x":251,"y":686,"width":683,"height":11}},{"id":"81651817-d265-4546-9c56-bb5223f4c27e","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":73,"box":{"x":52,"y":700,"width":864,"height":11}},{"id":"678fdff6-f5fc-43bd-88e0-38783cef1a61","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":73,"box":{"x":53,"y":714,"width":812,"height":11}},{"id":"23f37e93-dd32-4a65-8f51-ad05eb46e424","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":73,"box":{"x":52,"y":728,"width":880,"height":11}},{"id":"f2f46a68-79b4-4700-b850-d1a6753a9a20","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":73,"box":{"x":53,"y":743,"width":612,"height":10}},{"id":"50c4a280-cd28-4e8c-926c-04aef1611df9","block_type":"box","text":"Issuer Risk.","page_number":73,"box":{"x":53,"y":766,"width":83,"height":8}},{"id":"1bbb57d1-0ab9-4ebd-8360-4a7de3d017f2","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":73,"box":{"x":140,"y":766,"width":780,"height":10}},{"id":"72a15a67-be27-431c-8f0b-4495079c103e","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":73,"box":{"x":53,"y":780,"width":886,"height":11}},{"id":"a582af24-1754-4ed6-bef2-a34273d7b8ff","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":73,"box":{"x":52,"y":794,"width":576,"height":11}},{"id":"aba75b7c-dfad-4c67-ab75-8efe1b541615","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":73,"box":{"x":53,"y":817,"width":278,"height":11}},{"id":"c4486001-3d87-4d4b-a402-f06d407b7435","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":73,"box":{"x":337,"y":818,"width":540,"height":10}},{"id":"08923b86-1e63-4ede-a7e8-8be58d5ea1b4","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":73,"box":{"x":53,"y":832,"width":890,"height":10}},{"id":"c0c3afe4-c4cb-4eb8-9b36-4ca000e60382","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":73,"box":{"x":53,"y":846,"width":868,"height":11}},{"id":"e01ed14b-67f8-4355-87f5-99a0444f8877","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":73,"box":{"x":53,"y":860,"width":709,"height":11}},{"id":"69db275b-f3c3-4868-9033-193fead3cb2b","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":73,"box":{"x":53,"y":883,"width":395,"height":11}},{"id":"d8daa8b8-361e-4063-8532-985137e865d1","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":73,"box":{"x":453,"y":883,"width":410,"height":11}},{"id":"8f0c2406-5172-4bd1-9c29-e8b8f92cd14d","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":73,"box":{"x":53,"y":897,"width":883,"height":11}},{"id":"c15f31b1-5711-4828-8fd0-b6916a74f582","block_type":"box","text":"S-65","page_number":73,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"7a4c56de-5521-4240-ada9-fd1d7becd931","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":74,"box":{"x":52,"y":46,"width":884,"height":11}},{"id":"1efebd32-275a-4ff6-9a8c-d748256a8629","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":74,"box":{"x":53,"y":61,"width":872,"height":10}},{"id":"7cb73848-37f5-4e98-8493-05fb5b3bf03d","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":74,"box":{"x":53,"y":75,"width":812,"height":11}},{"id":"f6eab58a-e21a-41e8-b0e8-8d130befabcb","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":74,"box":{"x":53,"y":89,"width":890,"height":11}},{"id":"0a23b410-13b2-4834-ab84-585b9c59b951","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":74,"box":{"x":52,"y":103,"width":891,"height":10}},{"id":"0022ac66-7bd2-452b-9753-393255442430","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":74,"box":{"x":53,"y":118,"width":836,"height":10}},{"id":"2c8b126c-33c8-4e3f-8ef8-e289240e15dc","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":74,"box":{"x":53,"y":131,"width":810,"height":11}},{"id":"8dc79116-62a6-4ea3-9191-c83a295531e2","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":74,"box":{"x":53,"y":146,"width":861,"height":11}},{"id":"f881e92a-30fb-47ec-8e04-c95a208bc9c2","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":74,"box":{"x":53,"y":160,"width":875,"height":11}},{"id":"ef6cebc1-39fb-46f6-a1cb-c4f4ff291a11","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":74,"box":{"x":52,"y":174,"width":654,"height":11}},{"id":"1bf4b707-68ba-4896-83c7-e7bb61d5f17d","block_type":"box","text":"Management Risk.","page_number":74,"box":{"x":53,"y":197,"width":137,"height":11}},{"id":"355418df-2b1c-4a67-a43f-f47187bef81d","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":74,"box":{"x":194,"y":197,"width":711,"height":11}},{"id":"56476892-1d82-4206-a765-dfd0a414d64d","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":74,"box":{"x":53,"y":211,"width":877,"height":11}},{"id":"93a7be19-55ed-4807-bd58-da340ade063f","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":74,"box":{"x":53,"y":226,"width":859,"height":10}},{"id":"3228ad2d-8a20-4f83-8e4b-ae0a00638a87","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":74,"box":{"x":52,"y":240,"width":848,"height":11}},{"id":"2a4d68ba-0cad-48e7-bd78-5f761e90f19e","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":74,"box":{"x":53,"y":254,"width":756,"height":11}},{"id":"39d19e8b-f109-4347-a05b-37df366e314a","block_type":"box","text":"Market Trading Risk.","page_number":74,"box":{"x":53,"y":277,"width":152,"height":11}},{"id":"0007fd86-efee-4e4b-83b1-298aa10314bc","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":74,"box":{"x":209,"y":277,"width":694,"height":11}},{"id":"89fc7c98-d81d-4b86-a00d-38d772f92b36","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":74,"box":{"x":53,"y":291,"width":841,"height":11}},{"id":"d48b2478-856e-4a47-a329-61ea8133cc20","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":74,"box":{"x":53,"y":305,"width":887,"height":11}},{"id":"c4c707f3-a953-4359-8ced-85e04e2931ae","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":74,"box":{"x":52,"y":320,"width":839,"height":11}},{"id":"16108f4c-c419-4aa2-aa68-fdcb3d7a9fce","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":74,"box":{"x":53,"y":334,"width":866,"height":11}},{"id":"ea7160b0-c9a5-47de-8f49-5ead0bfe8dc3","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":74,"box":{"x":52,"y":348,"width":885,"height":11}},{"id":"0b768994-9793-48f1-8c58-d705d200e1e6","block_type":"box","text":"of the Fund shares.","page_number":74,"box":{"x":53,"y":362,"width":134,"height":9}},{"id":"b268477d-d356-40c5-aaed-693bd653c561","block_type":"box","text":"National Closed Market Trading Risk.","page_number":74,"box":{"x":53,"y":385,"width":273,"height":11}},{"id":"50016096-c134-4554-8bb8-236eb45091e1","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":74,"box":{"x":330,"y":385,"width":544,"height":11}},{"id":"b87f93c6-a70d-4884-a39e-b9dd9bcdb044","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":74,"box":{"x":53,"y":400,"width":874,"height":10}},{"id":"83fdcee1-17b1-4b7a-9a1b-0ad7c4fa2de4","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":74,"box":{"x":52,"y":414,"width":651,"height":11}},{"id":"84cf3a7b-7cbd-4188-993f-4f9db80ba172","block_type":"box","text":"i.e","page_number":74,"box":{"x":704,"y":414,"width":15,"height":8}},{"id":"4b496bea-fa85-42fb-afe3-d07abadbc885","block_type":"box","text":"., the quote from the closed","page_number":74,"box":{"x":720,"y":414,"width":191,"height":10}},{"id":"d145d743-c828-4a01-8e1e-f322ae6488d7","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":74,"box":{"x":52,"y":428,"width":880,"height":11}},{"id":"5e571d25-2cb4-457c-95f8-f7c757c3419e","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":74,"box":{"x":52,"y":442,"width":849,"height":11}},{"id":"48b80966-a3dc-4b69-a519-e8fcc40df109","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":74,"box":{"x":53,"y":456,"width":850,"height":11}},{"id":"83d63fdc-dae9-42fa-b761-8bf2420b3862","block_type":"box","text":"funds.","page_number":74,"box":{"x":52,"y":471,"width":44,"height":8}},{"id":"dd753c34-9bbc-49ac-bdca-164ba5476b04","block_type":"box","text":"Operational and Technology Risks.","page_number":74,"box":{"x":53,"y":494,"width":254,"height":11}},{"id":"866273ec-4db0-44f8-9b53-863093f8a2a5","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":74,"box":{"x":312,"y":494,"width":581,"height":11}},{"id":"e79d55ad-ad83-4d6f-9735-090936968b54","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":74,"box":{"x":53,"y":508,"width":876,"height":11}},{"id":"abc432fd-a806-478e-9af1-2d01d9c58ba6","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":74,"box":{"x":53,"y":522,"width":879,"height":11}},{"id":"65d403d6-bb1e-4cdc-86f0-7bf897c71dd2","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":74,"box":{"x":53,"y":536,"width":825,"height":11}},{"id":"cb61be34-1394-4c9a-8409-41a30e015e8e","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":74,"box":{"x":53,"y":550,"width":862,"height":11}},{"id":"9d11b899-a15f-481e-85df-178e568e1e6a","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":74,"box":{"x":53,"y":565,"width":872,"height":10}},{"id":"40bbc7e0-f5e5-47ab-bbe5-44bd774eedba","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":74,"box":{"x":53,"y":579,"width":824,"height":11}},{"id":"c0da3116-05f8-4414-a009-4215659eec14","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":74,"box":{"x":53,"y":602,"width":253,"height":11}},{"id":"f89a1d5c-d606-4dc4-ac0c-f004bc214e88","block_type":"box","text":"The Fund invests in countries or regions whose economies are heavily dependent upon","page_number":74,"box":{"x":310,"y":602,"width":614,"height":11}},{"id":"c9d0e047-f239-48e0-b015-f038d90f7f9a","block_type":"box","text":"trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its","page_number":74,"box":{"x":52,"y":616,"width":871,"height":11}},{"id":"37d20d65-c431-4b31-bf50-44d91901909c","block_type":"box","text":"holdings of securities of certain issuers, the Fund is specifically exposed to","page_number":74,"box":{"x":53,"y":630,"width":527,"height":11}},{"id":"5b8136af-6855-4e88-bc50-2df8c285ea3e","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":74,"box":{"x":584,"y":630,"width":346,"height":11}},{"id":"af5a1435-1e23-47dd-b5e1-2df9c1083a6f","block_type":"box","text":"and U.S. Economic Risk","page_number":74,"box":{"x":52,"y":644,"width":173,"height":9}},{"id":"8cf54331-2715-4dce-8e5a-3e4ea02e78c5","block_type":"box","text":".","page_number":74,"box":{"x":226,"y":652,"width":1,"height":1}},{"id":"1f10c79c-8484-45e0-93e8-2f88ac5adaa9","block_type":"box","text":"Risk of Investing in China.","page_number":74,"box":{"x":53,"y":668,"width":191,"height":11}},{"id":"4106b36a-7a99-43dd-8ac3-697ff305b6b2","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":74,"box":{"x":250,"y":668,"width":678,"height":11}},{"id":"e136d3f2-9eab-494d-b257-29dbb295414b","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":74,"box":{"x":53,"y":682,"width":819,"height":11}},{"id":"ef4f7816-187f-4026-a30d-137386e75c3c","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":74,"box":{"x":53,"y":696,"width":866,"height":11}},{"id":"9c047736-f480-40ef-a8ef-e44487ca6f75","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":74,"box":{"x":53,"y":710,"width":866,"height":11}},{"id":"6db60dec-5b03-40da-9795-38cf2cb45a85","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":74,"box":{"x":52,"y":725,"width":841,"height":10}},{"id":"c58aea80-c1c0-4aa3-98c3-d8d4887fbf61","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":74,"box":{"x":53,"y":739,"width":864,"height":11}},{"id":"41eb61a9-47c3-4108-b202-7184f6fff2be","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":74,"box":{"x":52,"y":753,"width":861,"height":11}},{"id":"e4b41171-956d-40d3-8dab-c74264cf8b0a","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":74,"box":{"x":53,"y":767,"width":869,"height":11}},{"id":"15ae3e8c-5af0-4a46-85f0-cd8ecfbf6687","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":74,"box":{"x":53,"y":781,"width":783,"height":11}},{"id":"51b9ba40-f0ac-409c-aef4-76b1bd87bb0e","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":74,"box":{"x":53,"y":804,"width":887,"height":11}},{"id":"80de8aab-5064-4b9d-b142-13ac1b432372","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":74,"box":{"x":52,"y":819,"width":834,"height":10}},{"id":"fc21322f-7c03-4dc0-b30e-fcd435dcb2a3","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":74,"box":{"x":52,"y":833,"width":845,"height":11}},{"id":"b88f879b-e396-447d-a7fe-252c6fa0f615","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":74,"box":{"x":53,"y":847,"width":876,"height":11}},{"id":"23b16ff5-59be-473a-b5d8-01f8b196b39d","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":74,"box":{"x":53,"y":861,"width":834,"height":11}},{"id":"1f808a06-9f35-40da-a76f-4ff764a2a49d","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":74,"box":{"x":53,"y":875,"width":421,"height":11}},{"id":"65541a8a-eb84-4a59-ad8c-db22442fd3ad","block_type":"box","text":"S-66","page_number":74,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"6cf5b317-dde6-43bb-a96f-f3691d0d72b4","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":75,"box":{"x":52,"y":46,"width":849,"height":11}},{"id":"5e142e8c-9207-4f10-aecb-386534a00598","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":75,"box":{"x":53,"y":61,"width":886,"height":10}},{"id":"c694026b-d9f1-43c6-a1fa-6dc6f1e4bf00","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":75,"box":{"x":53,"y":75,"width":878,"height":11}},{"id":"6459e416-54f0-4e6e-b372-5fe590b1413a","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":75,"box":{"x":53,"y":89,"width":874,"height":11}},{"id":"b4100d69-9370-4d82-96bb-e72e5faf80f2","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":75,"box":{"x":53,"y":103,"width":878,"height":11}},{"id":"dd22be84-51f2-4883-b6bf-4c59dc032cbc","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":75,"box":{"x":53,"y":117,"width":807,"height":11}},{"id":"b11d226a-a573-4ede-b06e-358c5da00ea1","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":75,"box":{"x":53,"y":132,"width":890,"height":10}},{"id":"b06443d9-e041-4a3c-ae8e-8c9d8c8983ec","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":75,"box":{"x":52,"y":146,"width":471,"height":11}},{"id":"ee508484-ca18-4291-bcc8-e62561b5bd3f","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":75,"box":{"x":53,"y":169,"width":883,"height":11}},{"id":"ba4df27d-933a-427a-9e29-cde0397e7e7f","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":75,"box":{"x":53,"y":183,"width":850,"height":11}},{"id":"7cbc9a9b-2ac8-419b-bb86-773d677e5818","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":75,"box":{"x":53,"y":197,"width":861,"height":11}},{"id":"a768149b-ce57-4260-9fa9-c8ad637f1249","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":75,"box":{"x":53,"y":211,"width":850,"height":11}},{"id":"714796cd-2981-4b6a-8986-e78f1c9aee40","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":75,"box":{"x":53,"y":226,"width":883,"height":10}},{"id":"d25960e6-0b06-42d9-ae9f-05bff4fa7e7c","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":75,"box":{"x":52,"y":240,"width":860,"height":11}},{"id":"7a75424f-1c28-4539-ba2a-3ceb5be878f0","block_type":"box","text":"have limited legal remedies.","page_number":75,"box":{"x":53,"y":254,"width":196,"height":11}},{"id":"1e98788e-20a0-4d9b-ab04-c14502241f98","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":75,"box":{"x":53,"y":277,"width":845,"height":11}},{"id":"e8e9be9e-8aa7-4f8e-9cf9-5506b260e5c1","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":75,"box":{"x":52,"y":291,"width":836,"height":11}},{"id":"c962060a-00bb-49be-b3e4-2c0f34474d95","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":75,"box":{"x":53,"y":306,"width":851,"height":10}},{"id":"f79f8cd3-554a-42ae-afe6-b04ccd355f63","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":75,"box":{"x":52,"y":320,"width":779,"height":10}},{"id":"9eaffc11-3249-4ece-b2a4-820940c777cf","block_type":"box","text":"considerations.","page_number":75,"box":{"x":53,"y":334,"width":107,"height":8}},{"id":"f57a8954-1d89-47a9-8369-4f18d76abe9a","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":75,"box":{"x":53,"y":357,"width":302,"height":11}},{"id":"a357bdc0-d342-4dd1-9dcd-5b5d36e87bf3","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":75,"box":{"x":359,"y":357,"width":581,"height":11}},{"id":"6c87b605-ae56-4501-bf97-86389f99080d","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":75,"box":{"x":53,"y":371,"width":868,"height":11}},{"id":"ee5b45e7-bcce-4a3d-a5fb-8c41ad57d51c","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":75,"box":{"x":52,"y":385,"width":871,"height":11}},{"id":"091915b4-abc7-4092-87b4-c3489b3126d8","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":75,"box":{"x":52,"y":400,"width":875,"height":10}},{"id":"8779d99b-5352-4c17-8943-0d7ec89f95b4","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":75,"box":{"x":52,"y":414,"width":877,"height":11}},{"id":"f5c959ea-7fb0-4fbf-980a-74b67f1ee836","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":75,"box":{"x":53,"y":428,"width":887,"height":11}},{"id":"6cf91e1a-faa8-4b10-a1ce-a1af805411e8","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":75,"box":{"x":53,"y":442,"width":836,"height":11}},{"id":"e6979427-4a61-4ade-8fb3-bf52db0953f3","block_type":"box","text":"availability of certain commodities.","page_number":75,"box":{"x":53,"y":456,"width":246,"height":11}},{"id":"bb8c3f7b-83a6-4ce4-ae72-a3179f536758","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":75,"box":{"x":53,"y":479,"width":285,"height":11}},{"id":"d94a5cc0-2de7-4ef6-9881-0df73635d936","block_type":"box","text":"Investments in emerging markets may be subject to a greater risk of loss than","page_number":75,"box":{"x":344,"y":480,"width":547,"height":10}},{"id":"746a06ec-b3f6-49a2-83c9-7dfd2df22bab","block_type":"box","text":"investments in more developed markets. The risks of emerging markets may include, among others, greater market volatility;","page_number":75,"box":{"x":53,"y":494,"width":880,"height":11}},{"id":"3e4ca187-3659-43a2-8df4-30050bc04efa","block_type":"box","text":"political, legal, economic, and social instability; less developed securities markets, including settlement, custody and","page_number":75,"box":{"x":53,"y":508,"width":822,"height":11}},{"id":"1adcf594-447a-424e-9e3d-ffbaf644ad46","block_type":"box","text":"valuation processes; government expropriation or nationalization of assets; greater volatility in currency exchange rates; more","page_number":75,"box":{"x":52,"y":522,"width":891,"height":11}},{"id":"ad72f0cf-b424-4130-b7d4-e5d07ae9523b","block_type":"box","text":"capital controls; less governmental supervision and regulation; and less stringent accounting, auditing and disclosure","page_number":75,"box":{"x":53,"y":536,"width":834,"height":11}},{"id":"a63754cb-1bef-4822-9197-33f449caa227","block_type":"box","text":"requirements. There may be significant obstacles to obtaining information necessary for investigations into or litigation","page_number":75,"box":{"x":53,"y":550,"width":845,"height":11}},{"id":"d4a0e9de-ed0a-4c57-a768-c08517bd13a9","block_type":"box","text":"against companies, and shareholders may have limited legal remedies. The Fund does not select investments based on","page_number":75,"box":{"x":53,"y":565,"width":841,"height":10}},{"id":"4c524ebf-82ec-40be-b161-462afe82a885","block_type":"box","text":"investor protection considerations. Emerging market securities may face liquidity challenges, and the Fund may be unable to","page_number":75,"box":{"x":53,"y":579,"width":884,"height":11}},{"id":"7dc2f7ed-5cdb-4381-95cc-11be57bbe396","block_type":"box","text":"liquidate its positions in such securities at a favorable time or price.","page_number":75,"box":{"x":53,"y":593,"width":475,"height":10}},{"id":"c2d1c6df-4dbb-4f59-a442-cc3674a1098e","block_type":"box","text":"Risk of Investing in Japan.","page_number":75,"box":{"x":53,"y":616,"width":192,"height":11}},{"id":"b7147bfa-99f0-40f2-a2d5-1a014fb44387","block_type":"box","text":"Investing in Japanese issuers subjects the Fund to legal, regulatory, political, economic, currency,","page_number":75,"box":{"x":251,"y":616,"width":687,"height":11}},{"id":"6cc05946-51eb-457b-b331-219834e83f1e","block_type":"box","text":"geographic and security risks that are specific to Japan. Japan’s economy depends heavily on international trade, oil and","page_number":75,"box":{"x":53,"y":630,"width":851,"height":11}},{"id":"72a7d0a1-49f6-4fe3-b4ef-e9bd249e3b0e","block_type":"box","text":"other commodity imports, and government policy supporting its exports. Other risks facing the Japanese economy include","page_number":75,"box":{"x":53,"y":645,"width":867,"height":10}},{"id":"e513d524-321d-4ef8-b3ef-f31ad1add815","block_type":"box","text":"significant public debt and deficits, currency fluctuations, and labor shortages due to an aging and declining population.","page_number":75,"box":{"x":52,"y":659,"width":855,"height":11}},{"id":"c692cb39-4c06-4955-b62f-693fe8b189da","block_type":"box","text":"Japan’s relations with its neighbors have been strained at times, which could adversely affect its markets and economy. Japan","page_number":75,"box":{"x":52,"y":673,"width":889,"height":11}},{"id":"1850832f-f3af-47d1-b038-b77d6e06b3e0","block_type":"box","text":"is also vulnerable to natural disasters.","page_number":75,"box":{"x":53,"y":687,"width":266,"height":9}},{"id":"ffa346a5-05f0-404a-89c9-4a7c77c5883c","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":75,"box":{"x":53,"y":710,"width":241,"height":11}},{"id":"902c346d-7c4c-442f-a7f8-2916af8b51fa","block_type":"box","text":"Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency,","page_number":75,"box":{"x":300,"y":710,"width":642,"height":11}},{"id":"ff6537ef-d027-4a64-9510-eaa87075a10d","block_type":"box","text":"security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum","page_number":75,"box":{"x":52,"y":724,"width":837,"height":11}},{"id":"042082a8-3891-4dac-b41e-5570de7fd130","block_type":"box","text":"exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in","page_number":75,"box":{"x":53,"y":739,"width":887,"height":11}},{"id":"b966345d-5ddb-4159-8e6a-c29fecf12b88","block_type":"box","text":"the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":75,"box":{"x":52,"y":753,"width":876,"height":11}},{"id":"d4c127c6-ad9b-4507-9a8e-db3c7e09549e","block_type":"box","text":"developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include,","page_number":75,"box":{"x":53,"y":767,"width":861,"height":11}},{"id":"3d31d4f7-c3c9-4ba4-8cdf-0c4929cc3baa","block_type":"box","text":"among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in","page_number":75,"box":{"x":53,"y":781,"width":795,"height":11}},{"id":"e694e22d-7f10-47c2-a934-6b7bea6b6baa","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in","page_number":75,"box":{"x":53,"y":795,"width":816,"height":11}},{"id":"b5fe1c05-cd44-4ef8-9be9-5a9332b718a2","block_type":"box","text":"governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic","page_number":75,"box":{"x":53,"y":810,"width":859,"height":10}},{"id":"2ef5347c-595d-4007-a44d-91e14a56856a","block_type":"box","text":"unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of","page_number":75,"box":{"x":53,"y":824,"width":887,"height":11}},{"id":"f88511e9-8869-45d5-8ad6-06f5dca44e91","block_type":"box","text":"political stability in Saudi Arabia.","page_number":75,"box":{"x":53,"y":838,"width":230,"height":11}},{"id":"94ec0ba1-0292-49dc-9834-444543f60372","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian","page_number":75,"box":{"x":52,"y":861,"width":885,"height":11}},{"id":"99addf3d-cc93-4b1e-9a26-37a0eb82516c","block_type":"box","text":"government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There","page_number":75,"box":{"x":53,"y":875,"width":865,"height":11}},{"id":"11eb5e27-856f-4d29-ad76-aa950f078211","block_type":"box","text":"are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to","page_number":75,"box":{"x":53,"y":890,"width":881,"height":10}},{"id":"45b4d133-aab1-42ba-ad1f-201e1822240e","block_type":"box","text":"transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited","page_number":75,"box":{"x":52,"y":904,"width":875,"height":11}},{"id":"385ae14a-f8a9-48ad-bd28-01a1b649f5cf","block_type":"box","text":"S-67","page_number":75,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"bc947e53-4a3a-4daa-9079-e3738962dc15","block_type":"box","text":"number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing","page_number":76,"box":{"x":53,"y":46,"width":881,"height":11}},{"id":"bc2038e5-673e-429a-8ead-ec846bb6c75e","block_type":"box","text":"of Fund transactions.","page_number":76,"box":{"x":53,"y":61,"width":150,"height":8}},{"id":"8fc44c54-42ab-4bc2-8950-d52b22ec199d","block_type":"box","text":"Securities Lending Risk.","page_number":76,"box":{"x":52,"y":84,"width":178,"height":11}},{"id":"6e4260b8-630c-47f5-a5f9-61ee5594ce08","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":76,"box":{"x":234,"y":84,"width":692,"height":11}},{"id":"62d1e5e1-56e4-455e-8efb-1efb0dab95fb","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":76,"box":{"x":53,"y":98,"width":870,"height":11}},{"id":"70e90ac0-e61f-468b-a7c6-06c58936f8c9","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":76,"box":{"x":53,"y":112,"width":886,"height":11}},{"id":"a2ff1004-06be-4e6b-a43c-8cecb6bf84fe","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":76,"box":{"x":53,"y":126,"width":831,"height":11}},{"id":"01e6fead-e313-4d64-a4a7-0eae3cb52c01","block_type":"box","text":"Tracking Error Risk.","page_number":76,"box":{"x":52,"y":149,"width":145,"height":11}},{"id":"02947954-3401-4975-a1fa-8097f35517fa","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":76,"box":{"x":201,"y":149,"width":741,"height":11}},{"id":"08dd8037-30f2-4fd3-95e2-4c80030a87b3","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":76,"box":{"x":53,"y":164,"width":861,"height":11}},{"id":"01f8f79c-da48-4508-9aa9-9b6f1444a80a","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":76,"box":{"x":53,"y":178,"width":832,"height":11}},{"id":"44a87024-5b5b-4530-ae1d-fe8d637f5621","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":76,"box":{"x":53,"y":192,"width":880,"height":11}},{"id":"d1a22463-b9c0-453d-be36-ac5e1284dddb","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":76,"box":{"x":53,"y":206,"width":831,"height":11}},{"id":"59856b0e-0ac6-4e23-8b20-4767b297af21","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":76,"box":{"x":52,"y":220,"width":828,"height":11}},{"id":"c98dbb2a-a183-4884-8933-2e109cffadb2","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":76,"box":{"x":53,"y":235,"width":873,"height":10}},{"id":"8e2fd1a8-b9bd-43db-a01b-2b25b143a0d4","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":76,"box":{"x":53,"y":249,"width":889,"height":11}},{"id":"21890b14-d86a-4946-9ff3-bc21c746d8f1","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":76,"box":{"x":53,"y":263,"width":852,"height":11}},{"id":"b4fcbf03-b034-4b50-8b4e-d6dbdd77619c","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":76,"box":{"x":53,"y":277,"width":886,"height":11}},{"id":"0af01452-4fbd-4ceb-91c5-0f43575fcedd","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":76,"box":{"x":53,"y":291,"width":873,"height":11}},{"id":"eafcf9aa-29c9-495b-a90a-362205f301ea","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":76,"box":{"x":53,"y":306,"width":879,"height":10}},{"id":"152f9550-6291-4353-9b60-0b456b5f7b6c","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":76,"box":{"x":53,"y":320,"width":839,"height":11}},{"id":"66afcb82-62cb-4aa7-a962-8cc24f03e8d4","block_type":"box","text":"Valuation Risk.","page_number":76,"box":{"x":52,"y":343,"width":110,"height":8}},{"id":"9b5bd2cd-84a2-49cc-a25d-ce6c7b3cf270","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":76,"box":{"x":166,"y":343,"width":740,"height":11}},{"id":"613c2859-2c6a-4bee-897e-4d54a5538f34","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":76,"box":{"x":53,"y":357,"width":840,"height":11}},{"id":"48020c27-9f2e-4988-8d55-a4e2b64efa74","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":76,"box":{"x":52,"y":371,"width":869,"height":11}},{"id":"a6a04b91-c105-4ebc-9698-b3f27e87007f","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":76,"box":{"x":52,"y":385,"width":889,"height":11}},{"id":"fb368118-1b58-403f-b443-9ee8917f7ba8","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":76,"box":{"x":53,"y":400,"width":871,"height":10}},{"id":"54a463de-b90c-4568-8d11-2afc8880d7c9","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":76,"box":{"x":52,"y":414,"width":879,"height":11}},{"id":"867ebc98-4e90-42e5-bc77-9552a5f030cd","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":76,"box":{"x":53,"y":428,"width":880,"height":11}},{"id":"2c5564b2-2fe2-4445-89c1-e1a9fba0ea61","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":76,"box":{"x":53,"y":442,"width":816,"height":11}},{"id":"debeaf00-6af8-4db6-9f3f-6f4f369dd398","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":76,"box":{"x":52,"y":457,"width":613,"height":10}},{"id":"a9511c33-a1c2-47ab-98bd-4a6d46c79f40","block_type":"box","text":"Performance Information","page_number":76,"box":{"x":54,"y":485,"width":228,"height":11}},{"id":"59bd6722-4656-4daa-992e-2ecfe1c8584e","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":76,"box":{"x":52,"y":510,"width":864,"height":11}},{"id":"45770631-069c-4062-ba08-95b62e28897c","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":76,"box":{"x":52,"y":525,"width":872,"height":11}},{"id":"8148cb6c-e933-4bc8-a684-758c328d980b","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":76,"box":{"x":53,"y":539,"width":868,"height":11}},{"id":"fa934f67-f17f-4ebe-9638-e6cf7e26c1b8","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":76,"box":{"x":53,"y":553,"width":838,"height":11}},{"id":"9a1e777d-25a0-4db0-b8a7-549f54f82006","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":76,"box":{"x":53,"y":567,"width":868,"height":11}},{"id":"4dcbcb4b-7b24-45a4-acf6-57ca93f78786","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":76,"box":{"x":53,"y":581,"width":832,"height":11}},{"id":"206b0824-0cbd-4e75-a72c-5bbd3be4b65d","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":76,"box":{"x":53,"y":596,"width":842,"height":10}},{"id":"1e9b7d4d-d32c-471c-84a2-6f97400b6a24","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":76,"box":{"x":52,"y":610,"width":531,"height":11}},{"id":"797a68d5-adfc-4517-8956-cc1876f8de5e","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":76,"box":{"x":135,"y":634,"width":260,"height":11}},{"id":"859d0c32-c3b9-4d0a-989b-5fa88af23f0f","block_type":"box","text":"23.72","page_number":76,"box":{"x":88,"y":694,"width":26,"height":5}},{"id":"024a8112-693a-417c-bb83-5c8ca3a81cd2","block_type":"box","text":"-13.12","page_number":76,"box":{"x":127,"y":775,"width":29,"height":6}},{"id":"0107561c-f05a-4d68-a280-f4bf007e209e","block_type":"box","text":"25.82","page_number":76,"box":{"x":170,"y":690,"width":26,"height":6}},{"id":"1d22d7f9-37b1-459a-a2e3-9bf840e3b571","block_type":"box","text":"7.90","page_number":76,"box":{"x":214,"y":722,"width":20,"height":6}},{"id":"c9a1ddbd-bf24-46a7-b77d-056a876aabd1","block_type":"box","text":"9.83","page_number":76,"box":{"x":255,"y":718,"width":20,"height":6}},{"id":"fc829b0a-d943-4bc9-9e00-8cab3e6f8291","block_type":"box","text":"-12.32","page_number":76,"box":{"x":291,"y":773,"width":30,"height":6}},{"id":"b50ea838-ba68-4695-8cc6-c19bff0fdf87","block_type":"box","text":"15.50","page_number":76,"box":{"x":336,"y":708,"width":25,"height":6}},{"id":"25cf27e7-1b3b-4b49-bde8-db8ed155da68","block_type":"box","text":"7.40","page_number":76,"box":{"x":379,"y":723,"width":20,"height":6}},{"id":"f660bf70-c6ec-4937-8f30-c4329be3d8e4","block_type":"box","text":"25.36","page_number":76,"box":{"x":417,"y":691,"width":26,"height":6}},{"id":"32e96613-8fcf-4124-9918-de4d69550be3","block_type":"box","text":"2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":76,"box":{"x":89,"y":788,"width":352,"height":6}},{"id":"96a80b23-6ea5-48e3-a8df-5e7b5e4e3723","block_type":"box","text":"Return (%) Period Ended","page_number":76,"box":{"x":736,"y":649,"width":188,"height":9}},{"id":"6b7a7994-6a74-4ae2-b075-baffda97e40d","block_type":"box","text":"Calendar Year-to-Date Return","page_number":76,"box":{"x":520,"y":667,"width":197,"height":8}},{"id":"210e44bf-bf6b-469b-880d-c8b3c1b4d9c1","block_type":"box","text":"8.16% June 30, 2026","page_number":76,"box":{"x":758,"y":667,"width":184,"height":9}},{"id":"70b75e34-f350-4830-8e56-a39d805482b9","block_type":"box","text":"During the periods shown in the chart:","page_number":76,"box":{"x":520,"y":680,"width":250,"height":10}},{"id":"64b0e894-45e5-4400-91ee-e56ce24c1d2e","block_type":"box","text":"Best Quarter 16.35% December 31, 2020","page_number":76,"box":{"x":534,"y":693,"width":408,"height":9}},{"id":"6e3d44a1-7359-4f5c-a425-a617be0e43c9","block_type":"box","text":"Worst Quarter -23.52% March 31, 2020","page_number":76,"box":{"x":533,"y":706,"width":409,"height":9}},{"id":"c982be09-83dc-49f9-87fd-0888df543405","block_type":"box","text":"S-68","page_number":76,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"1db79bf6-003b-4aa7-b454-cb2d92cb28bf","block_type":"box","text":"Average Annual Total Returns (%)","page_number":77,"box":{"x":372,"y":54,"width":251,"height":11}},{"id":"7cbf9ce1-2cde-4c08-9a4c-04a6721dbb71","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":77,"box":{"x":340,"y":68,"width":315,"height":11}},{"id":"55fcd077-1299-4e4b-a4a0-ff72c33ab964","block_type":"box","text":"One Year Five Years","page_number":77,"box":{"x":660,"y":95,"width":165,"height":8}},{"id":"3347c390-3a8a-49b6-9368-709d1159c5e4","block_type":"box","text":"Since Fund","page_number":77,"box":{"x":866,"y":85,"width":72,"height":7}},{"id":"e5e71e09-e3ef-4395-bbba-0336f564e079","block_type":"box","text":"Inception","page_number":77,"box":{"x":872,"y":95,"width":61,"height":9}},{"id":"02f831c2-6749-4ee6-b02a-b67021fe586c","block_type":"box","text":"Fund Inception: 5/17/2016","page_number":77,"box":{"x":58,"y":110,"width":179,"height":10}},{"id":"50ae8eab-3ad0-4179-a567-e4d3359b91fa","block_type":"box","text":"Return Before Taxes","page_number":77,"box":{"x":58,"y":122,"width":125,"height":8}},{"id":"866a3a6b-3d05-403f-8169-c6e3acbb3391","block_type":"box","text":"25.36% 8.41% 8.55%","page_number":77,"box":{"x":671,"y":122,"width":259,"height":8}},{"id":"c2b16b19-12a1-4a16-a2b5-5f3c37ac7a53","block_type":"box","text":"Return After Taxes on Distributions 24.84% 7.92% 8.08%","page_number":77,"box":{"x":58,"y":134,"width":872,"height":7}},{"id":"ac68d536-1ad6-473b-bb8e-18c84e0dbf18","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 15.76% 6.68% 6.99%","page_number":77,"box":{"x":58,"y":145,"width":872,"height":8}},{"id":"094d15a0-b8e5-4eeb-b1fa-2748e8f61d0c","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":77,"box":{"x":58,"y":157,"width":201,"height":9}},{"id":"b06a8231-8805-4ee6-9cfe-1d1708f4ea9e","block_type":"box","text":"1","page_number":77,"box":{"x":260,"y":156,"width":5,"height":4}},{"id":"e8655a00-92b3-4253-9fa4-a6522cceb628","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":77,"box":{"x":270,"y":157,"width":347,"height":9}},{"id":"4a5778ed-d4a9-4e23-98f7-1805b5f93ff0","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends) 32.39% 7.91% 8.86%","page_number":77,"box":{"x":71,"y":170,"width":859,"height":9}},{"id":"d4b7fe08-7f1b-465a-8d90-6940abb06aaa","block_type":"box","text":"Morningstar Global ex-US Dividend Growth Index (Net)","page_number":77,"box":{"x":58,"y":181,"width":362,"height":10}},{"id":"5941fa60-3984-45fb-be8a-45e2f6ac156a","block_type":"box","text":"1","page_number":77,"box":{"x":422,"y":180,"width":4,"height":5}},{"id":"0ad6eb67-8fd5-487d-b355-076e96fd72bc","block_type":"box","text":"(Returns do not reflect","page_number":77,"box":{"x":431,"y":181,"width":141,"height":9}},{"id":"abe179d9-8aad-4493-b233-8be4328788aa","block_type":"box","text":"deductions for fees, expenses or taxes except for withholding taxes on reinvested","page_number":77,"box":{"x":71,"y":194,"width":508,"height":10}},{"id":"170fdce6-6565-4703-ad1c-93f51e5edb9e","block_type":"box","text":"dividends)","page_number":77,"box":{"x":71,"y":207,"width":65,"height":8}},{"id":"e891666f-de22-4a0e-80a8-c33b2a18ec66","block_type":"box","text":"25.07% 8.41% 8.55%","page_number":77,"box":{"x":671,"y":207,"width":259,"height":8}},{"id":"77515b3d-2df3-4117-99ba-e6bd246ddcc7","block_type":"box","text":"1","page_number":77,"box":{"x":80,"y":226,"width":5,"height":4}},{"id":"c1841e23-3942-4030-9025-ef4f78413e63","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":77,"box":{"x":94,"y":227,"width":827,"height":10}},{"id":"ab3bd23d-761e-40a7-a6cf-c5dbdc304706","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":77,"box":{"x":93,"y":237,"width":847,"height":10}},{"id":"c3f9af87-b8f8-4345-8eb2-0497cfc9e62b","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":77,"box":{"x":93,"y":248,"width":843,"height":9}},{"id":"f6d9f931-ffbd-4119-abc6-e8c77dbf48d5","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":77,"box":{"x":92,"y":258,"width":829,"height":10}},{"id":"e026e959-d024-46e0-9c28-1d8ad7e277bd","block_type":"box","text":"tax rates, if any.","page_number":77,"box":{"x":92,"y":268,"width":97,"height":10}},{"id":"0a018249-e636-4220-8f56-267b180769fb","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":77,"box":{"x":52,"y":288,"width":857,"height":11}},{"id":"6af18f92-fa1c-4c50-ade0-d85ff9c5efd6","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":77,"box":{"x":53,"y":302,"width":865,"height":11}},{"id":"3f99bdd2-0e09-4dd8-b110-bc7fab08aed6","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":77,"box":{"x":53,"y":316,"width":847,"height":11}},{"id":"287816ac-69f8-4586-89a9-bfa6900b39fe","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":77,"box":{"x":52,"y":330,"width":857,"height":11}},{"id":"6ffbbb95-0e58-492e-8b67-3f340f83b931","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":77,"box":{"x":53,"y":345,"width":877,"height":11}},{"id":"59f7dfe4-0bdc-406c-8c2d-61ad11e6fd92","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. 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Individual shares of the Fund may only be bought","page_number":77,"box":{"x":52,"y":637,"width":878,"height":11}},{"id":"d19c16b6-01c1-445e-b0b8-30cf355921ce","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":77,"box":{"x":53,"y":651,"width":855,"height":11}},{"id":"bfd45f0a-c374-444f-8c76-7779b2a0e228","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":77,"box":{"x":52,"y":665,"width":817,"height":11}},{"id":"4b129f37-2493-4135-847c-7a36c7ada2aa","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":77,"box":{"x":53,"y":679,"width":878,"height":11}},{"id":"ea3d8f03-fd2d-4725-8bca-08bbd453d9c8","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":77,"box":{"x":53,"y":693,"width":861,"height":11}},{"id":"3c19da3e-8347-4a53-b3bb-7b1e5ecf8ca7","block_type":"box","text":"(the “bid-ask spread”).","page_number":77,"box":{"x":53,"y":708,"width":156,"height":10}},{"id":"8b0ac8b3-49ec-4520-9790-cb275be8f230","block_type":"box","text":"Tax Information","page_number":77,"box":{"x":52,"y":737,"width":144,"height":10}},{"id":"e8ab08b3-933e-4555-a995-e5279291995b","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":77,"box":{"x":52,"y":762,"width":831,"height":11}},{"id":"20c923df-f09a-4fde-a545-690848d2b4bf","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":77,"box":{"x":53,"y":776,"width":883,"height":11}},{"id":"91da061c-800b-4498-a82c-431443cc26e3","block_type":"box","text":"be taxed when withdrawn.","page_number":77,"box":{"x":53,"y":790,"width":182,"height":9}},{"id":"5051aae2-c751-4138-87d1-28904b34303a","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":77,"box":{"x":54,"y":819,"width":575,"height":14}},{"id":"ac2f7614-60d6-4448-8d85-f3a6677026ef","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":77,"box":{"x":53,"y":844,"width":855,"height":11}},{"id":"de2682b1-9bec-40a3-bc22-8daa6a5e5855","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":77,"box":{"x":53,"y":859,"width":843,"height":10}},{"id":"c1886ab6-e118-46fe-ac8e-c01633fb9e04","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":77,"box":{"x":53,"y":873,"width":820,"height":11}},{"id":"3c864b9c-ea14-4524-986d-209bdcc91625","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":77,"box":{"x":53,"y":887,"width":801,"height":11}},{"id":"42b812ed-9eac-4290-a710-dec94bb63075","block_type":"box","text":"S-69","page_number":77,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"6bcc3bbd-e407-4c02-8795-6e74192f4b3f","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":78,"box":{"x":53,"y":47,"width":841,"height":10}},{"id":"e8a00cef-5546-46c9-abe8-8e7f2f699596","block_type":"box","text":"financial intermediary’s website for more information.","page_number":78,"box":{"x":52,"y":61,"width":380,"height":10}},{"id":"7ac0c762-2fd1-4ac2-970e-402d9c7ca489","block_type":"box","text":"S-70","page_number":78,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"244678da-43d9-4661-bc26-e0cc8f15c17f","block_type":"box","text":"iShares Latin America 40 ETF","page_number":79,"box":{"x":53,"y":47,"width":410,"height":16}},{"id":"b2bbb030-69d6-482a-9eb5-a0d5f0344090","block_type":"box","text":"ILF | NYSE Arca","page_number":79,"box":{"x":54,"y":70,"width":215,"height":18}},{"id":"eb1402bf-4088-4d96-8abf-a12230cd58ed","block_type":"box","text":"Investment Objective","page_number":79,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"2fe85b30-00b0-441d-87bd-5af84623e775","block_type":"box","text":"The iShares Latin America 40 ETF (the “Fund”) seeks to track the investment results of an index composed of 40 of the largest","page_number":79,"box":{"x":52,"y":134,"width":890,"height":11}},{"id":"3b915d7a-9083-4363-ba09-b5dcfdf10d1d","block_type":"box","text":"Latin American equities.","page_number":79,"box":{"x":53,"y":148,"width":171,"height":11}},{"id":"f0382842-2623-420f-986c-cd9d3c06f5e1","block_type":"box","text":"Fees and Expenses","page_number":79,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"d51e8824-8c5f-428d-b4ec-8ebb20fe046b","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":79,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"d1e488a4-72f9-40e9-a0ea-3e67edde36e4","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":79,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"34497dfb-8a0d-4bdb-9fa3-d68697ff6eee","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":79,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"d081298a-4462-4b5e-9f43-d0b9a2b2585e","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":79,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"5836aec9-16ac-4df5-86e1-61b9bdc27b36","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":79,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"aa580cda-b897-41ec-bdad-e5b5ee1b098b","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":79,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"3119fb4f-33c3-4184-b7bf-6ddfd0169b63","block_type":"box","text":"extraordinary expenses.","page_number":79,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"1bcae929-cb2b-48da-87ce-1e2ab8f39391","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":79,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"397be86e-58b0-4eb6-a275-0de302024022","block_type":"box","text":"reflected in the table and example below.","page_number":79,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"78770bab-9256-45e1-bcad-2d1e34520818","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":79,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"81343bef-e17d-4552-89c4-168c6762278e","block_type":"box","text":"1","page_number":79,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"84c922fa-4859-4522-b7f0-6627191ac917","block_type":"box","text":"Management Fee","page_number":79,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"507f0054-582c-46da-92e0-1aff5b4b44a5","block_type":"box","text":"0.47%","page_number":79,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"d3402788-2cdb-45db-b4a8-42b9e01c7274","block_type":"box","text":"Other Expenses","page_number":79,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"6725db85-b79b-49dd-a663-cc63d96185ca","block_type":"box","text":"0.00%","page_number":79,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"fb85503b-02b3-44ef-b5d5-837016cd055f","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":79,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"42d8119a-4460-41e8-b38a-1e24b6efb58d","block_type":"box","text":"0.47%","page_number":79,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"e28acee1-dfc3-48d0-93cc-4dffa848b268","block_type":"box","text":"1","page_number":79,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"3f09e9e1-32be-4e74-80ce-76a1dfeef74c","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":79,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"32613186-a2e6-4e16-af8b-145b0bd3cb61","block_type":"box","text":"Example.","page_number":79,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"0dd2048f-1dfe-49fb-8233-29c86188587b","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":79,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"d21725f9-5721-4090-b68d-640553373ea9","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":79,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"97c631e1-b6ab-441a-ab87-62647d50b554","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":79,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"d0765ab0-2c58-4df1-8945-8934c2420fa0","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":79,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"36c8003a-6407-41f8-adfc-0d304fbea08b","block_type":"box","text":"your costs would be:","page_number":79,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"447d5d38-168b-4488-9420-ee77c59c9c0a","block_type":"box","text":"Expense Example","page_number":79,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"f5290e1e-6362-4b2c-884a-bedf5f6f4e6a","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":79,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"b4f12db4-1afb-47a0-8a12-910c692f36db","block_type":"box","text":"Example Fund Costs","page_number":79,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"bf0b5c17-ce63-41da-8c88-d2c603e11d5b","block_type":"box","text":"$48 $151 $263 $591","page_number":79,"box":{"x":671,"y":542,"width":260,"height":8}},{"id":"10800634-0bc6-4ef8-b99a-ee42a03ff352","block_type":"box","text":"Portfolio Turnover.","page_number":79,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"dbc23c6f-1fac-4c68-beff-11ac55e26ae0","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":79,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"0232566d-165d-4ba2-9e55-a803ca78c372","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":79,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"d9be9325-8b83-4d72-990e-6038c529ca13","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":79,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"b47f44f7-74b7-44be-b18f-50e5c984b448","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10% of","page_number":79,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"36045ec5-1e6d-4c31-aefc-f31921172423","block_type":"box","text":"the average value of its portfolio.","page_number":79,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"28139f26-a765-4402-9d4f-50ce634733ea","block_type":"box","text":"Principal Investment Strategies","page_number":79,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"4d40f192-0ff2-406e-9b69-a8d67d137dc0","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Latin America 40","page_number":79,"box":{"x":52,"y":683,"width":533,"height":8}},{"id":"2aaac47f-be2d-48d5-b869-870f3001d3a4","block_type":"box","text":"TM","page_number":79,"box":{"x":586,"y":681,"width":16,"height":5}},{"id":"cdf7d207-f086-44fd-8e7c-2075419bcb55","block_type":"box","text":"(the “Underlying Index”), which is composed of","page_number":79,"box":{"x":608,"y":682,"width":330,"height":11}},{"id":"f02fc572-9b59-4298-9347-778ff9fe4921","block_type":"box","text":"selected equities trading on the exchanges of five Latin American countries. The Underlying Index includes securities that","page_number":79,"box":{"x":52,"y":697,"width":862,"height":11}},{"id":"8edce745-28d3-4c0f-9146-b97f63e9c8fb","block_type":"box","text":"S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), a subsidiary of S&P Global, Inc., considers to be highly liquid","page_number":79,"box":{"x":52,"y":711,"width":864,"height":11}},{"id":"b824d919-23d3-4f65-8dce-7f7786f7e07e","block_type":"box","text":"from major economic sectors of the Mexican and South American equity markets. Companies from Brazil, Chilé, Colombia,","page_number":79,"box":{"x":52,"y":725,"width":866,"height":11}},{"id":"322329b6-677a-46a6-9af4-4f41f299038c","block_type":"box","text":"Mexico and Peru are represented in the Underlying Index. The Underlying Index includes large capitalization blue-chip","page_number":79,"box":{"x":53,"y":740,"width":837,"height":10}},{"id":"ead30d54-f2cc-4c14-85bb-67f32233e0fb","block_type":"box","text":"companies. As of March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in","page_number":79,"box":{"x":53,"y":754,"width":887,"height":10}},{"id":"d347b8dd-aa80-4a26-9b4a-c6ae78c541e1","block_type":"box","text":"the financials and materials industries or sectors. The components of the Underlying Index are likely to change over time.","page_number":79,"box":{"x":52,"y":768,"width":856,"height":11}},{"id":"8cd7ed08-b7d2-42d4-b650-37714586344d","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":79,"box":{"x":52,"y":791,"width":853,"height":11}},{"id":"3f4768d7-9659-4817-91d7-058b5d573df9","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":79,"box":{"x":53,"y":805,"width":839,"height":11}},{"id":"32ca8268-dea6-4d61-abde-c1869e0b098c","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":79,"box":{"x":53,"y":819,"width":868,"height":11}},{"id":"e1b03035-b9a1-433c-b5fc-cc36de3d748d","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":79,"box":{"x":53,"y":833,"width":851,"height":11}},{"id":"2388af43-75bc-441d-ae11-d12859e90b6d","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":79,"box":{"x":53,"y":848,"width":806,"height":10}},{"id":"78d74150-f68c-47c8-bc47-5ec42077e177","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":79,"box":{"x":53,"y":862,"width":884,"height":11}},{"id":"78885afd-1912-4769-bdf1-3f2ea0a6a446","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":79,"box":{"x":52,"y":876,"width":884,"height":11}},{"id":"80385c90-25af-4413-90e5-943a0b873f82","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":79,"box":{"x":53,"y":890,"width":852,"height":11}},{"id":"0d2ede8b-24af-490b-9402-ebd3adec69fd","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":79,"box":{"x":53,"y":904,"width":867,"height":11}},{"id":"c1d6e145-8011-4d13-b821-be7122db3852","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":79,"box":{"x":52,"y":919,"width":869,"height":10}},{"id":"20b991ae-3d55-4932-a501-9854d3242567","block_type":"box","text":"S-71","page_number":79,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"2ff70127-c633-4347-9747-3cb215cf998e","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":80,"box":{"x":52,"y":46,"width":863,"height":11}},{"id":"3b9ff84d-42c6-411e-b3b4-c37adb7089dc","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":80,"box":{"x":53,"y":61,"width":826,"height":10}},{"id":"c970c5ca-deda-4acf-92b9-e41a1b16decd","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":80,"box":{"x":53,"y":75,"width":405,"height":11}},{"id":"38f51878-cf78-44f0-b9ea-b5d04d21e730","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":80,"box":{"x":53,"y":98,"width":844,"height":11}},{"id":"21b09945-79e1-4217-a62a-64705182c768","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":80,"box":{"x":53,"y":112,"width":860,"height":11}},{"id":"a8467d26-dc4a-42ea-b4d9-d6f6ed78caf7","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":80,"box":{"x":53,"y":126,"width":831,"height":11}},{"id":"616d6064-c79c-4260-ad66-6af554cfd630","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":80,"box":{"x":53,"y":140,"width":817,"height":11}},{"id":"c1e45c3b-e9a8-4dd7-a2dd-4e7de1f35833","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":80,"box":{"x":53,"y":155,"width":818,"height":11}},{"id":"7f804af0-f147-48d0-aac3-f7644f19ff2a","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":80,"box":{"x":53,"y":169,"width":835,"height":11}},{"id":"7ed1d9d6-54d7-4e57-969f-23da7ec14e05","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":80,"box":{"x":52,"y":192,"width":873,"height":11}},{"id":"a2b6c0cb-5da7-4f5d-b4e4-721b0a4813cc","block_type":"box","text":"collateral received).","page_number":80,"box":{"x":53,"y":206,"width":136,"height":10}},{"id":"3ef76c49-028c-4bdf-b90b-2087c20f7d07","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":80,"box":{"x":52,"y":229,"width":861,"height":11}},{"id":"b21437f8-cbd4-41cb-8678-4e1645cd337a","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":80,"box":{"x":53,"y":244,"width":856,"height":10}},{"id":"433274e5-6373-4299-bd39-fb1065e7f160","block_type":"box","text":"market value of the Underlying Index.","page_number":80,"box":{"x":53,"y":258,"width":263,"height":11}},{"id":"f55fe9d8-35d4-43a6-a731-1ba06b42df79","block_type":"box","text":"Industry Concentration Policy.","page_number":80,"box":{"x":53,"y":281,"width":224,"height":11}},{"id":"ccdceeb4-520d-445a-847c-24bc2e982d5d","block_type":"box","text":"The Fund will concentrate its investments (","page_number":80,"box":{"x":281,"y":281,"width":304,"height":9}},{"id":"e3aa4802-3b48-48e7-a153-ad7ddb0fd263","block_type":"box","text":"i.e.","page_number":80,"box":{"x":587,"y":281,"width":17,"height":8}},{"id":"a5e033b4-b2c9-44da-9b0b-2856a2b761f0","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":80,"box":{"x":606,"y":281,"width":292,"height":10}},{"id":"30fa1850-419e-4bc6-a7c7-a74647f03928","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":80,"box":{"x":53,"y":295,"width":858,"height":11}},{"id":"06a28ebc-f784-45bc-bcf5-8d4f1d2afc6b","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":80,"box":{"x":53,"y":309,"width":868,"height":11}},{"id":"15131a2d-f75a-44d2-a6d2-be5fb9f3493d","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":80,"box":{"x":53,"y":324,"width":826,"height":10}},{"id":"5aa00cd5-4afe-4e88-a506-3574a1198852","block_type":"box","text":"Summary of Principal Risks","page_number":80,"box":{"x":52,"y":352,"width":248,"height":14}},{"id":"8167ded5-fe38-4f29-9e88-5e9adc2fb418","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":80,"box":{"x":52,"y":378,"width":881,"height":11}},{"id":"2508d0aa-c8a7-4242-8b9f-6d5b48932060","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":80,"box":{"x":53,"y":392,"width":824,"height":11}},{"id":"65808502-a134-4f58-b5ab-189bc937a184","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":80,"box":{"x":53,"y":406,"width":807,"height":11}},{"id":"1a77f49e-f67e-4317-a5b5-118eeac88d3a","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":80,"box":{"x":53,"y":420,"width":844,"height":11}},{"id":"b7cd724d-317c-48ae-ab2b-846b3d7b7791","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":80,"box":{"x":52,"y":434,"width":815,"height":11}},{"id":"1ca83f99-538d-43b8-8b7c-2b5b9d869670","block_type":"box","text":"Risk of Investing in Latin America.","page_number":80,"box":{"x":53,"y":458,"width":251,"height":11}},{"id":"eb92283b-a1b4-480f-90a4-cf9dfe0e6efe","block_type":"box","text":"The economies of certain Latin American countries have experienced high interest rates,","page_number":80,"box":{"x":308,"y":458,"width":627,"height":10}},{"id":"7cc84f34-81cf-4a45-80f9-78def5d0d273","block_type":"box","text":"economic volatility, inflation, currency devaluations, government debt defaults and high unemployment rates. Certain Latin","page_number":80,"box":{"x":53,"y":472,"width":873,"height":11}},{"id":"e229a6a7-5205-4cbe-a03f-4207ed89b609","block_type":"box","text":"American countries have experienced periods of political and economic instability and social unrest in the past. International","page_number":80,"box":{"x":52,"y":486,"width":883,"height":11}},{"id":"b51d91b1-4ba5-4f13-8c70-d4a73194e457","block_type":"box","text":"economic conditions, particularly those in the U.S., Europe and Asia, as well as world prices for oil and other commodities may","page_number":80,"box":{"x":53,"y":500,"width":889,"height":11}},{"id":"c7d76a8e-502a-4db4-af2e-d592517a8595","block_type":"box","text":"also influence the development of Latin American economies. These risks, among others, may adversely affect the value of","page_number":80,"box":{"x":53,"y":514,"width":865,"height":11}},{"id":"79c39db4-62f0-428e-8413-ed7426025e17","block_type":"box","text":"the Fund’s investments.","page_number":80,"box":{"x":52,"y":528,"width":168,"height":9}},{"id":"ae5ea3d1-f4f6-4859-bd15-74e80eab7618","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":80,"box":{"x":53,"y":552,"width":278,"height":11}},{"id":"2eb94829-d7c1-4d28-9278-12b7e2a4c748","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":80,"box":{"x":337,"y":552,"width":540,"height":11}},{"id":"2b6fe502-a9ce-46fa-ae8c-38269140735c","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":80,"box":{"x":53,"y":566,"width":890,"height":11}},{"id":"41620a68-0b83-4d60-8d13-1ca35680ca00","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":80,"box":{"x":53,"y":580,"width":868,"height":11}},{"id":"1f630807-cdf2-40bc-99b4-012cce128483","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":80,"box":{"x":53,"y":594,"width":709,"height":11}},{"id":"b32a63fd-cca5-4ff4-b466-613cc9e91fb2","block_type":"box","text":"Equity Securities Risk.","page_number":80,"box":{"x":53,"y":617,"width":164,"height":11}},{"id":"6fe18928-d89e-4cfd-b7cc-c32efec95bdd","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":80,"box":{"x":223,"y":618,"width":709,"height":10}},{"id":"4423d61c-bc02-4693-b81a-fcb8f259eeb2","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":80,"box":{"x":53,"y":632,"width":889,"height":11}},{"id":"d0ea4be8-8f00-4613-be94-5ea1d1a489b5","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":80,"box":{"x":53,"y":646,"width":880,"height":11}},{"id":"52c7318d-2939-4c6d-a748-8163cd234ed2","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":80,"box":{"x":53,"y":660,"width":867,"height":11}},{"id":"b4823cf6-ce71-4759-b7b0-c306efc822f6","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":80,"box":{"x":53,"y":674,"width":339,"height":11}},{"id":"10b45538-1e3d-461f-bf26-881fa91aa637","block_type":"box","text":"Market Risk.","page_number":80,"box":{"x":53,"y":697,"width":91,"height":9}},{"id":"420b054b-aa68-4a19-b3f1-b254d7ec9681","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":80,"box":{"x":148,"y":698,"width":768,"height":10}},{"id":"fbfb8e5d-30bd-456f-8adf-51fdc10ce357","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":80,"box":{"x":53,"y":712,"width":882,"height":10}},{"id":"d6e96eba-9c65-4510-9ece-784942052af6","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":80,"box":{"x":53,"y":726,"width":858,"height":11}},{"id":"95444f5d-d131-4a9d-aabd-dd68b14309c6","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":80,"box":{"x":53,"y":740,"width":875,"height":11}},{"id":"cc15c56a-80ef-45af-8ea4-8f4a850f1301","block_type":"box","text":"Fund’s NAV.","page_number":80,"box":{"x":53,"y":754,"width":82,"height":9}},{"id":"dd6c8c1d-7c04-4993-8e4d-2f821814e80f","block_type":"box","text":"Index-Related Risk.","page_number":80,"box":{"x":53,"y":777,"width":143,"height":9}},{"id":"3720b4a1-91db-4822-a450-ec6af8069200","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":80,"box":{"x":201,"y":777,"width":742,"height":11}},{"id":"fb08ed91-e427-47db-bd54-55e9b8e4981b","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":80,"box":{"x":53,"y":792,"width":856,"height":10}},{"id":"4b51bf35-1677-46ee-9ebc-5293260150d1","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":80,"box":{"x":53,"y":806,"width":852,"height":11}},{"id":"dcf37998-d2c2-464c-9394-839942c05d2b","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":80,"box":{"x":53,"y":820,"width":876,"height":11}},{"id":"f085c23c-25f1-46f6-95e1-f5bbe251a711","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":80,"box":{"x":52,"y":834,"width":849,"height":11}},{"id":"658d3589-7b9d-4bb5-abfb-3a6eb97f4cfb","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":80,"box":{"x":53,"y":848,"width":849,"height":11}},{"id":"9a130ed7-2a67-45da-a1bc-edad70fdb26f","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":80,"box":{"x":53,"y":862,"width":890,"height":11}},{"id":"9ff3494b-2def-45a0-b9de-7e99f5582158","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":80,"box":{"x":53,"y":877,"width":853,"height":10}},{"id":"24b1f9c8-16df-4e98-95b5-2bad2135877d","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":80,"box":{"x":53,"y":891,"width":539,"height":11}},{"id":"518a1b71-9649-48a5-879c-234e12f4ea1b","block_type":"box","text":"S-72","page_number":80,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"6aa4ed47-2cd7-4c8d-919e-9ae3843645d0","block_type":"box","text":"Asset Class Risk.","page_number":81,"box":{"x":52,"y":46,"width":122,"height":9}},{"id":"602cce57-0183-4f13-abfd-4cf295148555","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":81,"box":{"x":179,"y":46,"width":721,"height":11}},{"id":"d11d4a63-d6b5-4f72-9a62-eb31de229d7f","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":81,"box":{"x":53,"y":61,"width":774,"height":10}},{"id":"9bd60c45-9c7c-49e1-bf54-c4c2427180ec","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":81,"box":{"x":52,"y":84,"width":318,"height":10}},{"id":"4120d3cc-1dc1-4020-9205-422e5328a26d","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":81,"box":{"x":374,"y":84,"width":531,"height":11}},{"id":"122d9b99-7a45-4a5e-9f9b-3688a30186fd","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":81,"box":{"x":53,"y":98,"width":810,"height":11}},{"id":"396dccb5-b6f8-4c40-a0f1-3b0665d84abb","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":81,"box":{"x":52,"y":112,"width":816,"height":11}},{"id":"0dcb7f12-f346-455f-9bf7-3c3439990599","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":81,"box":{"x":52,"y":127,"width":884,"height":10}},{"id":"4ae237ba-ae42-4f73-af8d-5bce4d7cd1ff","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":81,"box":{"x":53,"y":141,"width":871,"height":10}},{"id":"cff93fd6-c3ff-4777-a1c4-ac5349f3bb24","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":81,"box":{"x":53,"y":155,"width":846,"height":11}},{"id":"71ffed10-a3e4-4011-8014-baccb0fb7b77","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":81,"box":{"x":52,"y":169,"width":881,"height":10}},{"id":"2cd34fc4-7222-46dc-aeef-aed12b2d65df","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":81,"box":{"x":53,"y":183,"width":853,"height":11}},{"id":"3007f3cc-c30f-41d1-b055-e496ea140abc","block_type":"box","text":"halts or delisting.","page_number":81,"box":{"x":53,"y":197,"width":121,"height":11}},{"id":"5696415a-56fc-4eeb-b408-68d55296472f","block_type":"box","text":"Commodity Risk.","page_number":81,"box":{"x":53,"y":220,"width":124,"height":11}},{"id":"29711af9-67f1-4b3f-aa5e-17544da78d39","block_type":"box","text":"The Fund invests in companies that are susceptible to fluctuations in certain commodity markets and to","page_number":81,"box":{"x":181,"y":220,"width":737,"height":11}},{"id":"d6b3b88d-c5f5-4fbc-92c6-98e10e566981","block_type":"box","text":"price changes due to trade relations. Any negative changes in commodity markets that may be due to changes in supply and","page_number":81,"box":{"x":53,"y":235,"width":878,"height":10}},{"id":"e17c5220-8502-4316-9dec-5829051720ea","block_type":"box","text":"demand for commodities, market events, war, regulatory developments, other catastrophic events, or other factors that the","page_number":81,"box":{"x":53,"y":249,"width":865,"height":11}},{"id":"4e84c2f7-a9d6-400f-a7c0-64ceedaa8dfe","block_type":"box","text":"Fund cannot control could have an adverse impact on those companies.","page_number":81,"box":{"x":53,"y":263,"width":509,"height":10}},{"id":"c488fc3b-351a-4b83-91e3-9089520cad79","block_type":"box","text":"Concentration Risk.","page_number":81,"box":{"x":53,"y":286,"width":145,"height":9}},{"id":"4ec54438-d002-43dd-9e56-18921f5e5ec6","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":81,"box":{"x":202,"y":286,"width":711,"height":11}},{"id":"a10b4725-c75f-4d1a-aed7-7a25c28ccb6b","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":81,"box":{"x":53,"y":300,"width":884,"height":10}},{"id":"bff38530-7030-4967-884f-d08516e3c570","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":81,"box":{"x":52,"y":315,"width":887,"height":10}},{"id":"9889dd5a-d247-41e1-b025-c59b8cbf82ee","block_type":"box","text":"asset classes.","page_number":81,"box":{"x":53,"y":329,"width":95,"height":8}},{"id":"baba47f7-ad50-4f1b-95a9-47a0ce79554e","block_type":"box","text":"Currency Risk.","page_number":81,"box":{"x":53,"y":352,"width":106,"height":11}},{"id":"d1cbdbb0-8645-4c95-9040-d4cc5ce2fec8","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":81,"box":{"x":164,"y":352,"width":751,"height":11}},{"id":"51d1fd62-b72f-4c8e-ad31-e8904ec672b5","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":81,"box":{"x":53,"y":366,"width":842,"height":11}},{"id":"a241bf4f-2b14-424c-ae91-e127f1bf8d4c","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":81,"box":{"x":52,"y":380,"width":854,"height":11}},{"id":"2416a055-b871-44e4-ba33-9b9fb4447797","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":81,"box":{"x":53,"y":394,"width":869,"height":11}},{"id":"017f3ee5-a1c9-4978-b9c6-f9c5910b89f1","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":81,"box":{"x":53,"y":409,"width":309,"height":10}},{"id":"34784f3f-76a4-468f-8163-b58ef4f9f8df","block_type":"box","text":"Custody Risk.","page_number":81,"box":{"x":53,"y":432,"width":99,"height":11}},{"id":"1d93f968-0472-4bf3-85c5-db94bd2640da","block_type":"box","text":"Less developed securities markets are more likely to experience problems with the clearing and settlement of","page_number":81,"box":{"x":158,"y":432,"width":769,"height":11}},{"id":"bc7a3a44-159d-4c07-873a-43d06060dc97","block_type":"box","text":"trades, as well as the custody of securities and other assets by local banks, agents and depositories. These issues may have an","page_number":81,"box":{"x":52,"y":446,"width":890,"height":11}},{"id":"a4e096e4-faac-43dc-88a6-04f605e751dc","block_type":"box","text":"adverse impact on the Fund, including losses or delays in payments, delivery or recovery of money or other assets.","page_number":81,"box":{"x":53,"y":460,"width":804,"height":11}},{"id":"aca50cb3-c9db-4fdd-b532-2725bb268ae5","block_type":"box","text":"Financial Companies Risk.","page_number":81,"box":{"x":53,"y":483,"width":193,"height":11}},{"id":"dea5121f-9608-4a35-bae9-068539837e46","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":81,"box":{"x":251,"y":484,"width":683,"height":10}},{"id":"ee6f8f66-4980-4f53-8879-9b7a1dd74c81","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":81,"box":{"x":52,"y":498,"width":864,"height":10}},{"id":"c864f910-bfba-4dab-981b-205c3f893f74","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":81,"box":{"x":53,"y":512,"width":812,"height":11}},{"id":"0ad44310-6dcc-4f00-81a2-f7d22f721f4d","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":81,"box":{"x":52,"y":526,"width":880,"height":11}},{"id":"d66c576f-bc05-484b-b4fc-0fd55dbc1ed2","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":81,"box":{"x":53,"y":540,"width":612,"height":11}},{"id":"89f2ede2-0924-43df-bf8b-1aecc2002e4e","block_type":"box","text":"Issuer Risk.","page_number":81,"box":{"x":53,"y":563,"width":83,"height":9}},{"id":"7e1ee482-1707-4260-ad0c-dceda94be848","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":81,"box":{"x":140,"y":563,"width":780,"height":11}},{"id":"2115c39e-069a-4b9f-bc4a-fb2442f3e1e9","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":81,"box":{"x":53,"y":578,"width":886,"height":10}},{"id":"f2035f28-8be8-471a-88b2-eb3c124bde70","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":81,"box":{"x":52,"y":592,"width":576,"height":11}},{"id":"f936b06d-e146-4f86-b587-cfccf8e2a072","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":81,"box":{"x":53,"y":615,"width":395,"height":11}},{"id":"41772cfa-dd0b-4efe-9681-2485b3b7a45a","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":81,"box":{"x":453,"y":615,"width":410,"height":11}},{"id":"385680a0-cd3c-4801-aa0b-bfed6c0fc7b4","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":81,"box":{"x":53,"y":629,"width":883,"height":11}},{"id":"890f7d7b-a0ac-49e6-b852-ec1b9df1ae09","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":81,"box":{"x":52,"y":643,"width":884,"height":11}},{"id":"b3170e25-0b0a-426f-b287-bcd4605b10cd","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":81,"box":{"x":53,"y":657,"width":872,"height":11}},{"id":"add3f0ef-fb3c-49c2-b678-583e6b704607","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":81,"box":{"x":53,"y":672,"width":812,"height":10}},{"id":"8dd334cd-700b-473c-8d5c-464d0951193f","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":81,"box":{"x":53,"y":686,"width":890,"height":11}},{"id":"37b28557-de68-43ea-b698-17232b597ba8","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":81,"box":{"x":52,"y":700,"width":891,"height":10}},{"id":"c5084166-8887-445e-b498-bef7fc689593","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":81,"box":{"x":53,"y":714,"width":836,"height":11}},{"id":"e7967c38-9717-44b9-a44a-d51ab8e3b243","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":81,"box":{"x":53,"y":728,"width":810,"height":11}},{"id":"af00df38-f849-4258-be4a-252a41b59cce","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":81,"box":{"x":53,"y":743,"width":861,"height":10}},{"id":"eb826442-7ae8-480a-9eed-dc8e325249e2","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":81,"box":{"x":53,"y":757,"width":875,"height":11}},{"id":"2b7b17e5-6f54-4dfe-bfdf-346b2109e1e5","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":81,"box":{"x":52,"y":771,"width":654,"height":11}},{"id":"7159ae86-0d12-41f9-8c88-ce1d429e7d94","block_type":"box","text":"Management Risk.","page_number":81,"box":{"x":53,"y":794,"width":137,"height":11}},{"id":"e4cf8d56-1b25-49a9-9297-a9da95489327","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":81,"box":{"x":194,"y":794,"width":711,"height":11}},{"id":"3bd090df-f3b3-4ac9-93ad-646da2a42cfc","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":81,"box":{"x":53,"y":808,"width":877,"height":11}},{"id":"4f1b6c3f-6eb1-4db8-8267-bd6a29fdf76b","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":81,"box":{"x":53,"y":822,"width":859,"height":11}},{"id":"a20a7d46-59af-48e7-bf3e-fc16d022f8c9","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":81,"box":{"x":52,"y":837,"width":848,"height":10}},{"id":"8e968238-fec6-4491-ac84-becdb1a6ed48","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":81,"box":{"x":53,"y":851,"width":756,"height":11}},{"id":"781a9fd9-59c4-4313-82d2-e4db1d9ac7d3","block_type":"box","text":"Market Trading Risk.","page_number":81,"box":{"x":53,"y":874,"width":152,"height":11}},{"id":"0a2d0d65-3913-4d51-a3ff-f4de8bd266e4","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":81,"box":{"x":209,"y":874,"width":694,"height":11}},{"id":"a8f43e5b-473e-4d04-9665-fda7227f9c2a","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":81,"box":{"x":53,"y":888,"width":841,"height":11}},{"id":"689963b6-6716-43a6-b3a7-17d2a74a6096","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":81,"box":{"x":53,"y":902,"width":887,"height":11}},{"id":"33ca6d80-3695-48a3-aa1f-4d146256bf59","block_type":"box","text":"S-73","page_number":81,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"917a8add-3593-43a9-af53-3b22ca3311e8","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":82,"box":{"x":52,"y":46,"width":839,"height":11}},{"id":"4ab8f07b-d7d6-4c3a-923d-9f07a7f689fc","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":82,"box":{"x":53,"y":61,"width":866,"height":10}},{"id":"86e1fdf3-8d54-4896-a5cd-316ef8abcc3e","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":82,"box":{"x":52,"y":75,"width":885,"height":11}},{"id":"073f307a-0ad3-4b97-9707-54d3deaaeefe","block_type":"box","text":"of the Fund shares.","page_number":82,"box":{"x":53,"y":89,"width":134,"height":8}},{"id":"a62676e6-c4f1-4c53-b801-372f28e9feca","block_type":"box","text":"Materials Companies Risk.","page_number":82,"box":{"x":53,"y":112,"width":195,"height":11}},{"id":"d4490988-db2e-440b-a531-eecbb9859775","block_type":"box","text":"Materials companies may be adversely affected by volatility in commodity prices, changes in","page_number":82,"box":{"x":253,"y":112,"width":653,"height":11}},{"id":"cb8776bd-aa96-48c6-919d-fe81145b910e","block_type":"box","text":"exchange rates, social and political unrest, war, depletion of resources, lower demand, overproduction, litigation and","page_number":82,"box":{"x":53,"y":126,"width":819,"height":11}},{"id":"4ad840e5-42f6-466c-b675-35952ae771f2","block_type":"box","text":"government regulations, among other factors.","page_number":82,"box":{"x":53,"y":141,"width":325,"height":10}},{"id":"70cfeeda-5ad1-4be2-a9e4-e49123e1a027","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":82,"box":{"x":53,"y":164,"width":264,"height":10}},{"id":"a24ee390-9c52-4c1a-aa2c-f4acb50304b9","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":82,"box":{"x":323,"y":164,"width":590,"height":11}},{"id":"4dae0fb4-b769-4088-8d14-a4b8189ec599","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":82,"box":{"x":53,"y":178,"width":846,"height":11}},{"id":"e7ff93cb-5103-4f8e-a34b-2b2167d3d523","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":82,"box":{"x":52,"y":192,"width":875,"height":11}},{"id":"5923e12c-a271-423c-8343-4ebf9027427a","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":82,"box":{"x":52,"y":206,"width":529,"height":11}},{"id":"0a996c89-03f7-4eba-b00b-68127ce00de6","block_type":"box","text":"National Closed Market Trading Risk.","page_number":82,"box":{"x":53,"y":229,"width":273,"height":11}},{"id":"8feeaf3f-1e04-4eeb-b0aa-a19cfec6d91a","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":82,"box":{"x":330,"y":229,"width":544,"height":11}},{"id":"117d6efb-b7c8-45d0-a47d-614fe541fc43","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":82,"box":{"x":53,"y":244,"width":874,"height":10}},{"id":"d3c504ca-fdae-432c-b611-873bcdef31fa","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":82,"box":{"x":52,"y":258,"width":651,"height":11}},{"id":"51caf56d-4fd6-4bf9-a163-40b2eca6ead5","block_type":"box","text":"i.e","page_number":82,"box":{"x":704,"y":258,"width":15,"height":8}},{"id":"a224da33-91cc-429d-a902-027e53208d86","block_type":"box","text":"., the quote from the closed","page_number":82,"box":{"x":720,"y":258,"width":191,"height":10}},{"id":"8351ce07-d674-4ddd-8d37-bc84174d47d7","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":82,"box":{"x":52,"y":272,"width":880,"height":11}},{"id":"57266e74-dae1-4196-b133-6d2e424425d2","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":82,"box":{"x":52,"y":286,"width":849,"height":11}},{"id":"8911d0ff-831c-47b4-8f3b-c82bf46b3c2d","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":82,"box":{"x":53,"y":300,"width":850,"height":11}},{"id":"4d85ebce-1590-49b8-8f54-4232cfd70d1b","block_type":"box","text":"funds.","page_number":82,"box":{"x":52,"y":315,"width":44,"height":8}},{"id":"167c366a-abeb-4016-8861-2c84ba06a033","block_type":"box","text":"Non-Diversification Risk.","page_number":82,"box":{"x":53,"y":338,"width":184,"height":8}},{"id":"4cdc7f58-b9fa-4d3f-ab2f-f47a945f6159","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":82,"box":{"x":242,"y":338,"width":633,"height":10}},{"id":"98be6b4f-2811-4077-9011-44b9e3b63d6e","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":82,"box":{"x":53,"y":352,"width":802,"height":11}},{"id":"2df395ec-915d-4082-aaab-d656bd2786e9","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":82,"box":{"x":53,"y":366,"width":888,"height":11}},{"id":"6045aa4d-db2c-4026-8712-d47705173d04","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":82,"box":{"x":53,"y":380,"width":876,"height":11}},{"id":"3a647d18-f6a0-4193-abaf-71eef603ba7d","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":82,"box":{"x":53,"y":394,"width":696,"height":11}},{"id":"7046aeb6-ecdc-49b5-963c-976a812f1784","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":82,"box":{"x":53,"y":418,"width":182,"height":8}},{"id":"ec6ad680-d06f-47e4-ac46-902d8bc3da52","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":82,"box":{"x":240,"y":418,"width":687,"height":11}},{"id":"e628f5d3-b6b4-44d3-9e4a-1e5e2deb8a7f","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":82,"box":{"x":53,"y":432,"width":853,"height":11}},{"id":"a26f229e-b414-49cf-aee7-0b29a4c00563","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":82,"box":{"x":52,"y":446,"width":847,"height":11}},{"id":"24b5d1c6-62c3-4f02-ae30-dadf16d9c6d2","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":82,"box":{"x":53,"y":460,"width":889,"height":11}},{"id":"727b1333-cdcf-4ad4-b342-ee9a8bd03183","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":82,"box":{"x":53,"y":474,"width":842,"height":11}},{"id":"80e9db4d-5a85-45eb-bffb-1ca93118ce6c","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":82,"box":{"x":53,"y":489,"width":831,"height":10}},{"id":"0e7a4d76-dbce-48fb-8eb6-5756141f0097","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":82,"box":{"x":53,"y":503,"width":821,"height":11}},{"id":"9efa3847-463e-4f8f-a089-c69cf50b879e","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":82,"box":{"x":53,"y":517,"width":871,"height":11}},{"id":"ff9ea38c-3a6f-458d-85e5-a59bff9a5599","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":82,"box":{"x":53,"y":531,"width":289,"height":11}},{"id":"b3a89451-125b-4a84-ac73-b9da44eb9446","block_type":"box","text":"Latin American Economic Risk.","page_number":82,"box":{"x":348,"y":531,"width":227,"height":9}},{"id":"e6a91087-0f3c-4879-bc79-0849bbb7ad77","block_type":"box","text":"Operational and Technology Risks.","page_number":82,"box":{"x":53,"y":554,"width":254,"height":11}},{"id":"01e73081-2ef8-4262-83fc-5d0b14386869","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":82,"box":{"x":312,"y":555,"width":581,"height":10}},{"id":"83f444ae-0c28-43d0-8279-14b4e9f3c1ae","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":82,"box":{"x":53,"y":569,"width":876,"height":10}},{"id":"f5613ccd-e64e-47fd-b126-51d8f5c00e77","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":82,"box":{"x":53,"y":582,"width":879,"height":12}},{"id":"660eee91-2bc4-43c6-8069-4f322a106536","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":82,"box":{"x":53,"y":597,"width":825,"height":11}},{"id":"d0391f5f-6d13-4483-9848-bf3a2c5356eb","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":82,"box":{"x":53,"y":611,"width":862,"height":11}},{"id":"18d0c4ca-b350-45ee-8529-6e17acda9d80","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":82,"box":{"x":53,"y":625,"width":872,"height":11}},{"id":"b3e769ed-c63b-4495-8e45-b4c74c5bf821","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":82,"box":{"x":53,"y":639,"width":824,"height":11}},{"id":"69f722a8-b421-40fe-8dd2-0734aa542960","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":82,"box":{"x":53,"y":663,"width":253,"height":11}},{"id":"77b1b0f0-f7a7-4698-b5b8-44760458d8e6","block_type":"box","text":"The Fund invests in countries or regions whose economies are heavily dependent upon","page_number":82,"box":{"x":310,"y":663,"width":614,"height":10}},{"id":"a2e89b36-12c3-4d85-83e6-11690c97c871","block_type":"box","text":"trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its","page_number":82,"box":{"x":52,"y":677,"width":871,"height":11}},{"id":"edee1176-8cb3-42fc-80e3-d3731a55eda3","block_type":"box","text":"holdings of securities of certain issuers, the Fund is specifically exposed to","page_number":82,"box":{"x":53,"y":691,"width":527,"height":11}},{"id":"3e2ee9ee-2c88-4759-92de-56b653aaff11","block_type":"box","text":"Asian Economic Risk, European Economic Risk,","page_number":82,"box":{"x":584,"y":691,"width":349,"height":10}},{"id":"0accdaaf-eb60-46ce-899c-14de882451d6","block_type":"box","text":"Latin American Economic Risk","page_number":82,"box":{"x":53,"y":705,"width":225,"height":9}},{"id":"8a23f3a3-274c-4ae7-a7b4-f11dd82abae3","block_type":"box","text":"and","page_number":82,"box":{"x":282,"y":705,"width":25,"height":9}},{"id":"335b3821-fe0e-4f41-ba87-56eec74e1b3e","block_type":"box","text":"U.S. Economic Risk","page_number":82,"box":{"x":314,"y":705,"width":140,"height":9}},{"id":"62bce901-ead7-4a19-a8bf-e5d388b04ba4","block_type":"box","text":".","page_number":82,"box":{"x":455,"y":712,"width":1,"height":2}},{"id":"77a9b95d-ce66-4ac3-9058-2adc5f2b5ce5","block_type":"box","text":"Risk of Investing in Brazil.","page_number":82,"box":{"x":53,"y":728,"width":190,"height":11}},{"id":"8946138f-94c8-4358-bcfc-ffc89d7594c5","block_type":"box","text":"Investing in Brazilian issuers subjects the Fund to legal, regulatory, political, currency, security,","page_number":82,"box":{"x":248,"y":729,"width":669,"height":10}},{"id":"19c1f6b0-122f-4af3-ab95-9b2b713d81d4","block_type":"box","text":"and economic risks that are specific to Brazil. Agricultural and mining exports are important to the Brazilian economy, which","page_number":82,"box":{"x":53,"y":743,"width":877,"height":10}},{"id":"539471e2-2f13-4c09-82e0-be174da25bf0","block_type":"box","text":"thus is susceptible to fluctuations in the commodity markets. The Brazilian economy has experienced high inflation and high","page_number":82,"box":{"x":52,"y":757,"width":884,"height":11}},{"id":"3f5cbf39-957d-4619-b0d1-16295eaba64c","block_type":"box","text":"government debt levels, which could constrain economic growth. Brazil may face heightened risks of political instability,","page_number":82,"box":{"x":53,"y":771,"width":848,"height":11}},{"id":"6f57272e-617c-40f8-b979-13842546c889","block_type":"box","text":"which could exacerbate structural economic risks.","page_number":82,"box":{"x":52,"y":785,"width":354,"height":9}},{"id":"6564e7d7-978d-4b1c-947a-4761f165464e","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":82,"box":{"x":53,"y":808,"width":285,"height":11}},{"id":"7eef88ce-c237-4ed8-ab3a-d8e32387ce15","block_type":"box","text":"Investments in emerging markets may be subject to a greater risk of loss than","page_number":82,"box":{"x":344,"y":808,"width":547,"height":11}},{"id":"7b7052c5-5afa-42cb-b70e-0ff63cc1a607","block_type":"box","text":"investments in more developed markets. The risks of emerging markets may include, among others, greater market volatility;","page_number":82,"box":{"x":53,"y":822,"width":880,"height":11}},{"id":"06019bad-f3d3-4fc6-8458-9953b7ccab5f","block_type":"box","text":"political, legal, economic, and social instability; less developed securities markets, including settlement, custody and","page_number":82,"box":{"x":53,"y":837,"width":822,"height":10}},{"id":"141c9270-c06a-4dd0-b516-063756fed793","block_type":"box","text":"valuation processes; government expropriation or nationalization of assets; greater volatility in currency exchange rates; more","page_number":82,"box":{"x":52,"y":851,"width":891,"height":11}},{"id":"a2cbc23a-72cb-4e47-b5eb-54c435b9d0fc","block_type":"box","text":"capital controls; less governmental supervision and regulation; and less stringent accounting, auditing and disclosure","page_number":82,"box":{"x":53,"y":865,"width":834,"height":11}},{"id":"79b0d3ba-a9fb-4ac2-92db-10e26ebc671c","block_type":"box","text":"requirements. There may be significant obstacles to obtaining information necessary for investigations into or litigation","page_number":82,"box":{"x":53,"y":879,"width":845,"height":11}},{"id":"0550b759-0efc-4744-b00d-048180b15a0c","block_type":"box","text":"against companies, and shareholders may have limited legal remedies. The Fund does not select investments based on","page_number":82,"box":{"x":53,"y":894,"width":841,"height":10}},{"id":"9319b59d-083f-4903-b93d-55fbaf60e5c1","block_type":"box","text":"S-74","page_number":82,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"d8b60765-8e15-48c4-95f2-fb288eed21aa","block_type":"box","text":"investor protection considerations. Emerging market securities may face liquidity challenges, and the Fund may be unable to","page_number":83,"box":{"x":53,"y":46,"width":884,"height":11}},{"id":"e3519bba-8ea4-4833-bb9c-080f9486c63d","block_type":"box","text":"liquidate its positions in such securities at a favorable time or price.","page_number":83,"box":{"x":53,"y":61,"width":475,"height":10}},{"id":"a6f2a232-cb04-4b58-a0c0-5f90c28fa23c","block_type":"box","text":"Risk of Investing in Mexico.","page_number":83,"box":{"x":53,"y":84,"width":201,"height":11}},{"id":"1ad461e5-951f-454a-97bf-50ef21e44329","block_type":"box","text":"Investing in Mexican issuers subjects the Fund to legal, regulatory, political, economic, currency,","page_number":83,"box":{"x":260,"y":84,"width":679,"height":11}},{"id":"8b4c0d6d-86a6-4347-8ea7-fce4a96ca71e","block_type":"box","text":"geographic and security risks that are specific to Mexico. Mexico’s economy depends heavily on trading with the United","page_number":83,"box":{"x":53,"y":98,"width":843,"height":11}},{"id":"7d8753b0-9405-4681-9ee2-019e2eb89dca","block_type":"box","text":"States and certain Latin American countries and is vulnerable to changes in demand from these key trading partners,","page_number":83,"box":{"x":52,"y":112,"width":830,"height":11}},{"id":"77d0967c-b383-4818-9247-e04477f2c8c3","block_type":"box","text":"particularly the U.S. Mexico’s fiscal health is highly sensitive to oil prices, and the financial struggles of the state-owned oil","page_number":83,"box":{"x":53,"y":126,"width":863,"height":11}},{"id":"2c1a7c3f-c671-49b8-b195-937bd46934af","block_type":"box","text":"company pose a challenge. Other risks facing the Mexican economy include elevated public budget deficits, socioeconomic","page_number":83,"box":{"x":53,"y":141,"width":873,"height":10}},{"id":"7d316944-4693-4c89-b768-a8b278c19c29","block_type":"box","text":"inequality and drug-related security issues.","page_number":83,"box":{"x":53,"y":155,"width":306,"height":11}},{"id":"c6d14a81-8a65-42e9-ba86-1759b0da5443","block_type":"box","text":"Securities Lending Risk.","page_number":83,"box":{"x":52,"y":178,"width":178,"height":11}},{"id":"d6159c2e-1675-455d-93c1-eebaa1cb3045","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":83,"box":{"x":234,"y":178,"width":692,"height":11}},{"id":"d0024b47-2572-4499-af0a-0fa674879e94","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":83,"box":{"x":53,"y":192,"width":870,"height":11}},{"id":"b7e8c3b0-6cd1-461b-a02a-137117fb6c4b","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":83,"box":{"x":53,"y":206,"width":886,"height":11}},{"id":"3893671a-4239-4fba-b84e-78c526c5b8f5","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":83,"box":{"x":53,"y":220,"width":831,"height":11}},{"id":"83f55a98-6a5b-4df4-bde6-ddb444925940","block_type":"box","text":"Tracking Error Risk.","page_number":83,"box":{"x":52,"y":244,"width":145,"height":11}},{"id":"a3ad20f0-8f25-48db-b8aa-f9b96e9954ba","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":83,"box":{"x":201,"y":243,"width":741,"height":11}},{"id":"e5239393-7c1c-435c-89bd-1818512304db","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":83,"box":{"x":53,"y":258,"width":861,"height":11}},{"id":"aed54052-9e27-4258-a63b-d7a28cb802b4","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":83,"box":{"x":53,"y":272,"width":832,"height":11}},{"id":"4476b8f1-8787-48ed-a88d-49dd4011205e","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":83,"box":{"x":53,"y":286,"width":880,"height":11}},{"id":"2a9efa7c-1209-497e-811b-94acc68c1012","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":83,"box":{"x":53,"y":300,"width":831,"height":11}},{"id":"91d6f803-f77d-47ca-b2b6-42e6c7a01dd3","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":83,"box":{"x":52,"y":315,"width":828,"height":10}},{"id":"28baaeda-d454-45b8-8b2c-6f9c6d1df732","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":83,"box":{"x":53,"y":329,"width":873,"height":11}},{"id":"87ea1543-21f4-4609-91a5-c22ba5c9bdf2","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":83,"box":{"x":53,"y":343,"width":889,"height":11}},{"id":"83a1e1b9-c1b4-484e-9088-b00f89dcf1da","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":83,"box":{"x":53,"y":357,"width":852,"height":11}},{"id":"1dc33c6f-1a41-4263-81ef-e1ee78042d1c","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":83,"box":{"x":53,"y":371,"width":886,"height":11}},{"id":"6a062c5a-73cb-4020-84a7-7de336fc57bf","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":83,"box":{"x":53,"y":385,"width":873,"height":11}},{"id":"8c0bcefa-3f36-4264-a2bc-3e9a52a90526","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":83,"box":{"x":53,"y":400,"width":879,"height":10}},{"id":"f18e0d6f-25f8-49ec-ae19-2f13a91d3c1d","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":83,"box":{"x":53,"y":414,"width":839,"height":11}},{"id":"0a3dfaa8-4f95-4d72-b18e-9a1ba57d9e99","block_type":"box","text":"Valuation Risk.","page_number":83,"box":{"x":52,"y":437,"width":110,"height":9}},{"id":"b45c29bc-c3b1-4095-a540-82d85c0ac02c","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":83,"box":{"x":166,"y":437,"width":740,"height":11}},{"id":"dcd20f34-d603-48a4-88d8-bf99bf8b2d90","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":83,"box":{"x":53,"y":451,"width":840,"height":11}},{"id":"9044e0bd-cc32-4ab4-bf45-8c59fba150ef","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":83,"box":{"x":52,"y":465,"width":869,"height":11}},{"id":"c16b40a3-db6e-4d8c-b2fa-73d485ce3fe6","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":83,"box":{"x":52,"y":480,"width":889,"height":10}},{"id":"01703b20-49b6-4b2e-99a3-ea78ef9e5de5","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":83,"box":{"x":53,"y":494,"width":871,"height":11}},{"id":"52fb8fe6-0ced-43b8-871e-3d75d7e14f75","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":83,"box":{"x":52,"y":508,"width":879,"height":11}},{"id":"d1af5ea3-71e2-4314-b016-23d62d40c199","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":83,"box":{"x":53,"y":522,"width":880,"height":11}},{"id":"7652586d-1249-4ab4-afa8-85335b985a83","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":83,"box":{"x":53,"y":536,"width":816,"height":11}},{"id":"c6476b6d-8f33-4daa-bc9a-b654992f3d32","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":83,"box":{"x":52,"y":551,"width":613,"height":10}},{"id":"1e9000b5-358f-4950-9a53-72911cca73e5","block_type":"box","text":"Performance Information","page_number":83,"box":{"x":54,"y":579,"width":228,"height":11}},{"id":"a474d4c2-ce92-4c17-bf06-bfced42bf4cd","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":83,"box":{"x":52,"y":605,"width":864,"height":10}},{"id":"85fe675a-0f3a-468e-a1ef-a189a881696e","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":83,"box":{"x":52,"y":619,"width":872,"height":11}},{"id":"550a91b0-b555-4e86-aa1f-575fe2fab188","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":83,"box":{"x":53,"y":633,"width":868,"height":11}},{"id":"d34fa4e8-e528-41cc-8ec1-c90109b52c0f","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":83,"box":{"x":53,"y":647,"width":838,"height":11}},{"id":"92d8f24b-6f52-418d-a8e3-9fddf04986c5","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":83,"box":{"x":53,"y":661,"width":868,"height":11}},{"id":"25e37766-75a9-435a-91a0-035748a6a3ae","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":83,"box":{"x":53,"y":675,"width":832,"height":11}},{"id":"ba99c50a-7b0c-4a2c-80c7-59e2601a1e78","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":83,"box":{"x":53,"y":690,"width":842,"height":11}},{"id":"0126d1fc-3a0d-4009-bee6-8c3ae4baca62","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":83,"box":{"x":52,"y":704,"width":531,"height":11}},{"id":"4a75fe24-ff2e-4e4f-81f2-d99629ee28f2","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":83,"box":{"x":136,"y":728,"width":228,"height":11}},{"id":"de71dc3d-8989-47c1-9ea2-df68bd68fe3e","block_type":"box","text":"(%)","page_number":83,"box":{"x":369,"y":728,"width":25,"height":10}},{"id":"54dd7e22-4932-4949-80fb-f44407b52f56","block_type":"box","text":"31.95","page_number":83,"box":{"x":85,"y":801,"width":27,"height":6}},{"id":"3eec5265-448f-429d-bc7a-75aa2c3cfec3","block_type":"box","text":"25.85","page_number":83,"box":{"x":123,"y":807,"width":26,"height":6}},{"id":"4024bca6-8853-4b39-9a8a-99e2c324e448","block_type":"box","text":"-6.72","page_number":83,"box":{"x":161,"y":851,"width":23,"height":6}},{"id":"d80052dc-9bfd-4689-a5a3-d41bcbe9b7b0","block_type":"box","text":"13.59","page_number":83,"box":{"x":198,"y":818,"width":25,"height":6}},{"id":"7c49cc38-9adb-484d-95e4-6867af95ecd8","block_type":"box","text":"-11.65","page_number":83,"box":{"x":232,"y":856,"width":29,"height":6}},{"id":"a6db3759-39f9-41e1-b11e-9e2110054ce3","block_type":"box","text":"-13.41","page_number":83,"box":{"x":269,"y":857,"width":28,"height":6}},{"id":"4bc78705-8dd4-49b5-a197-60fe4a6e31d0","block_type":"box","text":"10.27","page_number":83,"box":{"x":309,"y":821,"width":25,"height":6}},{"id":"3428238d-9b2e-4eee-af90-c99b4231474f","block_type":"box","text":"32.79","page_number":83,"box":{"x":345,"y":801,"width":26,"height":6}},{"id":"19e1367a-9a1a-42a8-880f-c565cbb3b9fd","block_type":"box","text":"-23.01","page_number":83,"box":{"x":380,"y":866,"width":28,"height":6}},{"id":"dbc82f2c-2c62-4244-a04e-44fb202dd7ec","block_type":"box","text":"52.74","page_number":83,"box":{"x":419,"y":783,"width":26,"height":6}},{"id":"16cb52a3-ecbe-4e73-8b13-44a8ba617e64","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":83,"box":{"x":87,"y":883,"width":356,"height":6}},{"id":"8c1b51a1-8d6c-424e-bd10-9cfe9d0753ff","block_type":"box","text":"Return (%) Period Ended","page_number":83,"box":{"x":736,"y":743,"width":188,"height":9}},{"id":"ecbc00c0-a5bc-4527-993d-c4b9c86a0cfd","block_type":"box","text":"Calendar Year-to-Date Return","page_number":83,"box":{"x":520,"y":762,"width":197,"height":7}},{"id":"df943800-b3c8-4a1b-93c6-ba8a8b3b2004","block_type":"box","text":"12.10% June 30, 2026","page_number":83,"box":{"x":750,"y":762,"width":192,"height":8}},{"id":"fc98437e-038e-40cd-9a4d-c5e2d8f9bcce","block_type":"box","text":"During the periods shown in the chart:","page_number":83,"box":{"x":520,"y":774,"width":250,"height":10}},{"id":"103b36ef-05f0-41e4-b8f8-1179f14a4a3b","block_type":"box","text":"Best Quarter 40.66% December 31, 2020","page_number":83,"box":{"x":534,"y":787,"width":408,"height":9}},{"id":"51507b90-9cb9-48cf-8e19-80e6ab4c6f05","block_type":"box","text":"Worst Quarter -46.00% March 31, 2020","page_number":83,"box":{"x":533,"y":800,"width":409,"height":9}},{"id":"74b5dddf-81a7-4d46-b016-42234e6376f5","block_type":"box","text":"S-75","page_number":83,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"e1c01108-2d0c-4727-8ef9-185bf6e55076","block_type":"box","text":"Average Annual Total Returns (%)","page_number":84,"box":{"x":372,"y":54,"width":251,"height":11}},{"id":"91da413b-5d77-467a-97c9-2fcbae56710f","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":84,"box":{"x":340,"y":68,"width":315,"height":11}},{"id":"bcfcd21a-4c84-48f5-8c5c-8d3df8054c37","block_type":"box","text":"One Year Five Years Ten Years","page_number":84,"box":{"x":670,"y":85,"width":268,"height":7}},{"id":"7228cf5c-d39d-4a4c-afe5-86adb73aea89","block_type":"box","text":"Fund Inception: 10/25/2001","page_number":84,"box":{"x":58,"y":100,"width":187,"height":10}},{"id":"b4b2bc19-52e5-46ca-a5c8-abcf4432292d","block_type":"box","text":"Return Before Taxes","page_number":84,"box":{"x":58,"y":112,"width":125,"height":7}},{"id":"7df3b07d-9bcb-488b-a79d-68431e1ee7ed","block_type":"box","text":"52.74% 8.32% 8.77%","page_number":84,"box":{"x":682,"y":112,"width":253,"height":7}},{"id":"6d1548d0-8422-4e10-a836-7cf265a4f38e","block_type":"box","text":"Return After Taxes on Distributions 51.19% 6.65% 7.69%","page_number":84,"box":{"x":58,"y":123,"width":877,"height":8}},{"id":"d9a8aa88-d2d9-4695-968d-1390f9959a44","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 32.36% 6.26% 7.02%","page_number":84,"box":{"x":58,"y":135,"width":877,"height":8}},{"id":"4a1bb9a3-1050-40bb-9671-bcac4e90f3c4","block_type":"box","text":"S&P Emerging Broad Market Index (Net)","page_number":84,"box":{"x":57,"y":147,"width":266,"height":9}},{"id":"7b19c3a3-2c89-454f-8076-07a30eb7890a","block_type":"box","text":"1","page_number":84,"box":{"x":324,"y":145,"width":5,"height":5}},{"id":"973825c3-c8e9-4fd2-8f73-aae9fbb7a22c","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":84,"box":{"x":334,"y":147,"width":268,"height":8}},{"id":"19740e80-2acc-4320-aab8-a739ac70a2c4","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 23.98% 4.80% 8.44%","page_number":84,"box":{"x":71,"y":159,"width":864,"height":10}},{"id":"c494d10d-b02f-411f-aa16-43371fc5a41a","block_type":"box","text":"S&P Latin America 40 (Net)","page_number":84,"box":{"x":57,"y":171,"width":180,"height":9}},{"id":"ec12b1f1-2e5c-4f19-9374-440462f4779b","block_type":"box","text":"1","page_number":84,"box":{"x":238,"y":170,"width":5,"height":4}},{"id":"01333304-1e30-49fd-9d7a-36eb077c7762","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":84,"box":{"x":248,"y":171,"width":383,"height":9}},{"id":"dc6f2367-8c26-441a-83ae-b1e4a43b9eac","block_type":"box","text":"except for withholding taxes on reinvested dividends) 53.33% 8.91% 9.22%","page_number":84,"box":{"x":71,"y":184,"width":864,"height":10}},{"id":"447826d5-f978-4598-acce-4efadb98beb6","block_type":"box","text":"1","page_number":84,"box":{"x":80,"y":203,"width":5,"height":4}},{"id":"b7d3b177-3eca-41e0-b75b-bd67566b7010","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":84,"box":{"x":94,"y":204,"width":827,"height":10}},{"id":"cfd3bff5-f24d-4c12-8ea5-e7cf92f0c45f","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":84,"box":{"x":93,"y":214,"width":847,"height":10}},{"id":"a5a12dff-fe53-483a-b9d0-190d34c4132d","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":84,"box":{"x":93,"y":225,"width":843,"height":9}},{"id":"376705c0-c18d-4426-ae13-3b189748d75e","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":84,"box":{"x":92,"y":235,"width":829,"height":10}},{"id":"c7d69f69-e85f-4f06-8c5e-2b4d16be208d","block_type":"box","text":"tax rates, if any.","page_number":84,"box":{"x":92,"y":245,"width":97,"height":10}},{"id":"d6ad1212-6a1c-457d-ad3b-431059f90a54","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":84,"box":{"x":52,"y":265,"width":857,"height":11}},{"id":"1d64304e-f47c-4ece-a40b-98b7f2f70707","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":84,"box":{"x":53,"y":279,"width":865,"height":11}},{"id":"2d375f7e-98a3-4a44-b587-7744b1fe2188","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":84,"box":{"x":53,"y":293,"width":847,"height":11}},{"id":"330e3b5c-872f-46b6-8bec-81c9bdb68da5","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":84,"box":{"x":52,"y":307,"width":857,"height":11}},{"id":"745abeed-fa9e-4bd5-9962-222d5554ba4e","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":84,"box":{"x":53,"y":322,"width":877,"height":10}},{"id":"561f35a7-74f9-40f9-b3c4-f5fee73b4e80","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":84,"box":{"x":52,"y":336,"width":836,"height":11}},{"id":"ab6c15c2-cc68-4f13-9b93-ad2e29985815","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":84,"box":{"x":53,"y":350,"width":886,"height":11}},{"id":"647bd6c2-860f-4421-9892-f3b00cc6f801","block_type":"box","text":"on distributions.","page_number":84,"box":{"x":53,"y":364,"width":114,"height":9}},{"id":"6dfc4777-b7bd-40c2-92f0-90ad59f39737","block_type":"box","text":"Management","page_number":84,"box":{"x":54,"y":394,"width":119,"height":13}},{"id":"3f89db9c-5d93-4768-880f-a3b82316622c","block_type":"box","text":"Investment Adviser.","page_number":84,"box":{"x":53,"y":418,"width":145,"height":9}},{"id":"ba6f35f5-2c4d-41cc-ae8e-476d73353eee","block_type":"box","text":"BlackRock Fund Advisors.","page_number":84,"box":{"x":204,"y":419,"width":180,"height":8}},{"id":"c381f2a4-627b-4b6e-9115-e82b44dd956f","block_type":"box","text":"Portfolio Managers.","page_number":84,"box":{"x":53,"y":441,"width":146,"height":11}},{"id":"bb5928c3-d7f3-4da7-8f2a-17a2f46a00ec","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":84,"box":{"x":203,"y":441,"width":679,"height":11}},{"id":"d53e2d42-6ea8-4680-9b89-47bd262d19e6","block_type":"box","text":"management of the Fund:","page_number":84,"box":{"x":53,"y":456,"width":182,"height":11}},{"id":"668a4bae-9050-4f00-b8a2-cd17a73aa004","block_type":"box","text":"Portfolio Manager","page_number":84,"box":{"x":58,"y":491,"width":119,"height":10}},{"id":"e97b70eb-29bd-4b01-a666-d4f1797a02bb","block_type":"box","text":"Portfolio Manager of the","page_number":84,"box":{"x":411,"y":478,"width":160,"height":10}},{"id":"f4b96eeb-ca26-4125-9802-92cfc704b592","block_type":"box","text":"Fund Since","page_number":84,"box":{"x":455,"y":491,"width":72,"height":8}},{"id":"7e5f02f8-e1bb-4d29-a9d0-c98c3af24bdc","block_type":"box","text":"Title with Investment","page_number":84,"box":{"x":804,"y":478,"width":140,"height":8}},{"id":"f070f8a4-c0ed-4c32-9142-7178d2a22918","block_type":"box","text":"Adviser","page_number":84,"box":{"x":849,"y":491,"width":49,"height":8}},{"id":"7ce3cec7-07ff-4af1-9e05-4d770d942195","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":84,"box":{"x":57,"y":507,"width":876,"height":10}},{"id":"30af472e-3659-416c-a262-d97afecc74e0","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":84,"box":{"x":58,"y":522,"width":875,"height":10}},{"id":"2d6fccce-449c-4c3a-875b-5f211590877d","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":84,"box":{"x":58,"y":538,"width":875,"height":9}},{"id":"ba5f9b6e-5c89-40bb-a292-3ac8a485ee98","block_type":"box","text":"Steven White 2025 Managing Director","page_number":84,"box":{"x":57,"y":553,"width":876,"height":10}},{"id":"870a8ba0-a09f-47b3-9cd6-255bd77212ec","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":84,"box":{"x":54,"y":588,"width":304,"height":11}},{"id":"f38bd853-5f32-4468-a25d-54b8784b24d6","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":84,"box":{"x":52,"y":613,"width":878,"height":11}},{"id":"0df4fe5f-1803-4456-8208-6fc9f3766463","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":84,"box":{"x":53,"y":628,"width":855,"height":11}},{"id":"5f05ad0f-d64b-4a02-9833-e5bf194b8258","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":84,"box":{"x":52,"y":642,"width":817,"height":11}},{"id":"7b823fa5-f2ee-4cac-a2a6-cb27b198cf83","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":84,"box":{"x":53,"y":656,"width":878,"height":11}},{"id":"f45604b3-f750-47e0-95e0-ebabcf9ed0f4","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":84,"box":{"x":53,"y":670,"width":861,"height":11}},{"id":"ea0b49d0-16df-42cf-b372-96107939cf4b","block_type":"box","text":"(the “bid-ask spread”).","page_number":84,"box":{"x":53,"y":684,"width":156,"height":11}},{"id":"0503dff8-6396-4123-b0c8-1e5229849af1","block_type":"box","text":"Tax Information","page_number":84,"box":{"x":52,"y":713,"width":144,"height":11}},{"id":"329a019e-4e44-4536-b446-18ac00d6a85c","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":84,"box":{"x":52,"y":739,"width":831,"height":11}},{"id":"61f89315-3932-40bf-b164-48f3d8879c37","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":84,"box":{"x":53,"y":753,"width":883,"height":11}},{"id":"4b428dd0-a3f3-443c-90a1-64b765524b3f","block_type":"box","text":"be taxed when withdrawn.","page_number":84,"box":{"x":53,"y":767,"width":182,"height":9}},{"id":"a5c203d2-01f4-4632-9d71-2bdb8c3934aa","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":84,"box":{"x":54,"y":796,"width":575,"height":13}},{"id":"3a6656f4-5866-4b8e-ab5d-f4aa5b618f94","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":84,"box":{"x":53,"y":821,"width":855,"height":11}},{"id":"5bed57c1-a106-4972-be93-2bddfb55afda","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":84,"box":{"x":53,"y":835,"width":843,"height":11}},{"id":"a4454ae5-7f7e-477d-a61b-9881267aa62f","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":84,"box":{"x":53,"y":850,"width":820,"height":10}},{"id":"286e321a-f814-411c-8356-99f05c0145a9","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":84,"box":{"x":53,"y":864,"width":801,"height":11}},{"id":"1edbf79a-d94d-47c2-acc6-736221c7ad18","block_type":"box","text":"S-76","page_number":84,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"3927a1a2-752e-40e6-940b-21e28e62a738","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":85,"box":{"x":53,"y":47,"width":841,"height":10}},{"id":"459ad06f-ae27-49f7-b91e-f96cd37265a0","block_type":"box","text":"financial intermediary’s website for more information.","page_number":85,"box":{"x":52,"y":61,"width":380,"height":10}},{"id":"fe26574b-26b8-481c-8ad3-d6c998f8d0f7","block_type":"box","text":"S-77","page_number":85,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"cbf6127d-7c0a-4e0d-ba21-18e1decd86ba","block_type":"box","text":"iShares Lithium Miners and Producers ETF","page_number":86,"box":{"x":53,"y":47,"width":597,"height":16}},{"id":"cbebd514-8e5c-4539-923f-a7ee07f70224","block_type":"box","text":"ILIT | Nasdaq","page_number":86,"box":{"x":54,"y":70,"width":181,"height":21}},{"id":"76337cef-9eec-41d4-a601-d48452af7393","block_type":"box","text":"Investment Objective","page_number":86,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"9473ccac-555d-4d66-bf8c-bde89635da08","block_type":"box","text":"The iShares Lithium Miners and Producers ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":86,"box":{"x":52,"y":134,"width":866,"height":11}},{"id":"67009f4c-79c8-46f1-9369-6fd7da25c6ed","block_type":"box","text":"U.S. and non-U.S. equities of companies primarily engaged in lithium ore mining and/or lithium compounds manufacturing.","page_number":86,"box":{"x":53,"y":148,"width":877,"height":11}},{"id":"425a4c7d-6997-4e83-9ab4-d3160ddb2205","block_type":"box","text":"Fees and Expenses","page_number":86,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"4ec29288-6176-4429-928a-6e15d9bd62b7","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":86,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"5bcd60ae-1187-4d53-8262-f43c81734afb","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":86,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"abaa711e-ff05-43ce-8d1e-3000cb4aeaad","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":86,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"65838fc4-dbb5-4269-ac2e-93cc367db5d3","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":86,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"641a37c1-280e-460d-b4f7-0da6115d27ab","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":86,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"89ba331a-bec3-478c-aeb5-6bd47aacf5f0","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":86,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"2796e051-6aa6-49db-b66c-dbd36f7f667e","block_type":"box","text":"extraordinary expenses.","page_number":86,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"91b5fdd8-829c-43e3-8995-624e2fd09760","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":86,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"ea62ab3a-bf77-4036-b484-bcbf1abd3a6e","block_type":"box","text":"reflected in the table and example below.","page_number":86,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"434c283b-d299-4902-b4aa-cfb334aafb74","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":86,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"d130b424-dd30-4375-bbbf-c360d6c0459f","block_type":"box","text":"1","page_number":86,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"0f772ea4-cced-478b-b1c2-6f82a3ed4b6f","block_type":"box","text":"Management Fee","page_number":86,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"da442842-5943-455e-a2d3-e532b384b5e3","block_type":"box","text":"0.47%","page_number":86,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"ed94df23-29e1-44d3-b650-6ca86f19e6dd","block_type":"box","text":"Other Expenses","page_number":86,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"31f56389-4b08-44c5-8750-975eff19f2b2","block_type":"box","text":"0.00%","page_number":86,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"65c39804-2286-4ee8-af21-cca08d45799c","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":86,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"cd79e509-4ef4-4e0e-a93f-d10989c55440","block_type":"box","text":"0.47%","page_number":86,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"6c6cf2c0-bbda-4298-8abd-9272447ca772","block_type":"box","text":"1","page_number":86,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"4cfdebf6-03b8-4e60-9575-9e3c7e38b5e0","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":86,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"c3d93861-75e6-46fe-babb-f0dfa382c625","block_type":"box","text":"Example.","page_number":86,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"fa479546-3545-4f89-af9e-b422bf901ec9","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":86,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"4e39f84e-3cb6-4a8e-b96c-befbd00b7dd9","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":86,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"288e9b85-4ce3-4acb-86ad-4e76d1aa3f86","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":86,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"7ae0e795-d00f-47fa-9db8-3c2d14f720d0","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":86,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"a91ad174-480a-4c72-88ea-a9143eda0747","block_type":"box","text":"your costs would be:","page_number":86,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"0c56a020-5c92-43ca-a09a-f8e5f598d0d0","block_type":"box","text":"Expense Example","page_number":86,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"387c38b7-a781-4672-aa2d-47a00388f9e9","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":86,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"86108604-ffca-47e6-a69a-aa51baa00b22","block_type":"box","text":"Example Fund Costs","page_number":86,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"5c9bd082-14c0-4c6c-a67c-6a289fcf2277","block_type":"box","text":"$48 $151 $263 $591","page_number":86,"box":{"x":671,"y":542,"width":260,"height":8}},{"id":"1135fa42-4dda-4aaa-84ac-0edad9df9f39","block_type":"box","text":"Portfolio Turnover.","page_number":86,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"07492392-1801-4acc-bae5-136d9ac3b418","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":86,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"2f4b845c-0735-471d-b534-df5968d4258f","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":86,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"44836712-b39b-4fea-a2db-aa776802b601","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":86,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"c2d75e05-a449-4f39-99d3-1eca77dada3d","block_type":"box","text":"the Example, affect the Fund’s performance. 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As of March 31, 2026, the Underlying Index was composed of securities of companies in the","page_number":87,"box":{"x":52,"y":353,"width":881,"height":11}},{"id":"b1d62733-3267-444d-a9fd-80142ddaac86","block_type":"box","text":"following countries: Australia, Chile, China, South Korea, and the U.S. The Underlying Index will be reviewed and reconstituted","page_number":87,"box":{"x":52,"y":367,"width":885,"height":11}},{"id":"cd1f5561-f7d0-4493-8499-7cd1a9c9b78c","block_type":"box","text":"on an annual basis in September and rebalanced quarterly.","page_number":87,"box":{"x":53,"y":382,"width":417,"height":10}},{"id":"4efa74fe-8645-4529-9d02-17d9663a8b0a","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. 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The Index","page_number":87,"box":{"x":52,"y":730,"width":839,"height":10}},{"id":"297c557a-8063-4511-81bf-a0d1e118cec7","block_type":"box","text":"Provider determines the composition and relative weightings of the components of the Underlying Index and publishes","page_number":87,"box":{"x":53,"y":744,"width":842,"height":11}},{"id":"5257d91c-0486-4917-b309-793763e207a4","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":87,"box":{"x":53,"y":758,"width":451,"height":11}},{"id":"600b0550-9cfe-45d2-914c-afd332947214","block_type":"box","text":"Industry Concentration Policy.","page_number":87,"box":{"x":53,"y":781,"width":224,"height":11}},{"id":"4fa7f636-4b6b-472e-9023-1928a6bb79c6","block_type":"box","text":"The Fund will concentrate its investments (","page_number":87,"box":{"x":281,"y":781,"width":304,"height":9}},{"id":"9413a7e9-69c6-47fe-acdf-668bc639eac0","block_type":"box","text":"i.e.","page_number":87,"box":{"x":587,"y":781,"width":17,"height":9}},{"id":"d25e9573-7fd6-4441-b8c9-13cb767f8b24","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":87,"box":{"x":606,"y":781,"width":292,"height":10}},{"id":"ee5350a1-6a4b-44b5-b220-4765df57e455","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":87,"box":{"x":53,"y":795,"width":858,"height":11}},{"id":"14bfbea6-10a6-4daa-a3e3-aa70341696f8","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":87,"box":{"x":53,"y":809,"width":868,"height":11}},{"id":"2bb98afd-d3e1-4368-b058-a1584c59ce0b","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":87,"box":{"x":53,"y":824,"width":826,"height":11}},{"id":"b122ae3c-0560-401a-b2de-ac9c3681f01f","block_type":"box","text":"Summary of Principal Risks","page_number":87,"box":{"x":52,"y":853,"width":248,"height":13}},{"id":"f67e8eb8-91ae-4e48-9b58-ad66da8cdf8c","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":87,"box":{"x":52,"y":878,"width":881,"height":11}},{"id":"87f1c184-3376-43ac-8962-186ddf33e965","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":87,"box":{"x":53,"y":892,"width":824,"height":11}},{"id":"0e7c1639-7850-4ea4-a281-d72f9413fb9b","block_type":"box","text":"S-79","page_number":87,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"35e1e1e3-d98c-450e-b976-8f834b313a0c","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":88,"box":{"x":53,"y":46,"width":807,"height":11}},{"id":"fa9c0d5e-4a80-415b-abbd-4e7777ac0171","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":88,"box":{"x":53,"y":61,"width":844,"height":10}},{"id":"58141efd-f874-41a0-a052-7d4c771ec782","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":88,"box":{"x":52,"y":75,"width":815,"height":11}},{"id":"87efc82a-58e2-4676-938b-e934b7aa8931","block_type":"box","text":"Lithium Mining and Production Companies Risk.","page_number":88,"box":{"x":53,"y":98,"width":358,"height":11}},{"id":"9ab07fc2-3c77-439e-a238-1338856ced71","block_type":"box","text":"Companies involved in the mining and/or production of lithium may be","page_number":88,"box":{"x":416,"y":98,"width":502,"height":11}},{"id":"bf4c95c2-e421-475f-87fe-a5193da03667","block_type":"box","text":"adversely impacted by the volatility of commodity prices, changes in exchange rates, social and political unrest, war, events","page_number":88,"box":{"x":53,"y":112,"width":869,"height":11}},{"id":"09e3ddf8-0ff6-431f-bb93-edc17c9549a7","block_type":"box","text":"related to energy conservation, the success of exploration projects, price fluctuations of traditional and alternative sources of","page_number":88,"box":{"x":53,"y":126,"width":884,"height":11}},{"id":"801afc9b-1920-4dca-9c10-c48d1bfc584a","block_type":"box","text":"energy, developments in battery and alternative energy technology, the possibility that government subsidies for alternative","page_number":88,"box":{"x":53,"y":141,"width":874,"height":10}},{"id":"ca5968be-6860-49fb-a923-531c6a9c19b4","block_type":"box","text":"energy will be eliminated, the possibility that lithium-ion technology is not suitable for widespread adoption, depletion of","page_number":88,"box":{"x":53,"y":155,"width":853,"height":11}},{"id":"b7022884-a2c3-41d9-a637-fb72caddd0da","block_type":"box","text":"resources, decreases in demand, over-production, litigation and changes in government regulations or policies, among other","page_number":88,"box":{"x":53,"y":169,"width":884,"height":11}},{"id":"628f4865-04e0-470e-941c-d54651a91b2b","block_type":"box","text":"factors. Investments in companies involved in the mining and/or production of lithium may be speculative and may be","page_number":88,"box":{"x":52,"y":183,"width":837,"height":11}},{"id":"83e22068-1854-4c64-8e5f-7487b0889649","block_type":"box","text":"subject to greater price volatility than investments in other types of companies.","page_number":88,"box":{"x":52,"y":197,"width":559,"height":11}},{"id":"67639c28-2eca-4c34-b4e7-49db35d6a542","block_type":"box","text":"Equity Securities Risk.","page_number":88,"box":{"x":53,"y":220,"width":164,"height":11}},{"id":"d9fadd78-c249-4351-a7ad-7345dbbee5fa","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":88,"box":{"x":223,"y":220,"width":709,"height":11}},{"id":"4d80e113-8623-4144-aa3f-25c08e39bda4","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":88,"box":{"x":53,"y":235,"width":889,"height":10}},{"id":"b469a6c6-76d5-4255-9313-00bd631bf655","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":88,"box":{"x":53,"y":249,"width":880,"height":11}},{"id":"c0b02532-0499-45cb-8c45-d3bac9ded760","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":88,"box":{"x":53,"y":263,"width":867,"height":11}},{"id":"5621798b-635a-4a95-bab5-9b04da07f595","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":88,"box":{"x":53,"y":277,"width":339,"height":11}},{"id":"ce47cca7-1a17-439e-9891-6a0d8b16b1d5","block_type":"box","text":"Market Risk.","page_number":88,"box":{"x":53,"y":300,"width":91,"height":9}},{"id":"32489270-bd9d-4f68-b16b-f716513dcda1","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":88,"box":{"x":148,"y":301,"width":768,"height":10}},{"id":"65d5d715-74d9-42db-ac7f-798dfb767622","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":88,"box":{"x":53,"y":315,"width":882,"height":10}},{"id":"c4179a45-0c20-4a54-a575-c5edaf92011c","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":88,"box":{"x":53,"y":329,"width":858,"height":11}},{"id":"8b420dab-365a-45a3-a41f-0f725cbc3633","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":88,"box":{"x":53,"y":343,"width":875,"height":11}},{"id":"8eeff139-49e1-4e59-9181-9cf27d802ba1","block_type":"box","text":"Fund’s NAV.","page_number":88,"box":{"x":53,"y":357,"width":82,"height":9}},{"id":"74f246c6-8835-422a-bd9f-c89ef3618913","block_type":"box","text":"Index-Related Risk.","page_number":88,"box":{"x":53,"y":380,"width":143,"height":9}},{"id":"121ae0a5-5d8d-4b80-a591-b14b347efb6a","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":88,"box":{"x":201,"y":380,"width":742,"height":11}},{"id":"ae0dbbfb-418f-46fe-a3c2-113e58a0a178","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":88,"box":{"x":53,"y":394,"width":856,"height":11}},{"id":"09352041-50f3-458d-9a3a-4b29ee98de83","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":88,"box":{"x":53,"y":409,"width":852,"height":10}},{"id":"95974068-a99e-470e-bcfd-f3cf17e58d2a","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":88,"box":{"x":53,"y":423,"width":876,"height":11}},{"id":"9d300168-d4b4-488c-8209-f402b440558f","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":88,"box":{"x":52,"y":437,"width":849,"height":11}},{"id":"c06e9564-b7eb-4479-97b3-fe2881efe9e5","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":88,"box":{"x":53,"y":451,"width":849,"height":11}},{"id":"7eb033ae-6df0-4583-b920-cc42351fc276","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":88,"box":{"x":53,"y":465,"width":890,"height":11}},{"id":"d5b696df-6d1e-41c8-b54a-c49ef67928c2","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":88,"box":{"x":53,"y":480,"width":853,"height":10}},{"id":"b1ed3bce-e5e6-4e2d-9960-032f04fae8bd","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":88,"box":{"x":53,"y":494,"width":539,"height":11}},{"id":"475e6ca2-3f36-4961-aa99-8a5027dfde51","block_type":"box","text":"Asset Class Risk.","page_number":88,"box":{"x":52,"y":517,"width":122,"height":8}},{"id":"a560b010-960a-479d-b6c9-487bb99a9cdc","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":88,"box":{"x":179,"y":517,"width":721,"height":11}},{"id":"4b296082-f94f-4a95-9dd2-b37868369913","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":88,"box":{"x":53,"y":531,"width":774,"height":11}},{"id":"e77d16f1-58b9-4572-9e65-f4d84c225e16","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":88,"box":{"x":52,"y":554,"width":291,"height":11}},{"id":"2c5fe514-a5e9-4aa4-b8ff-3922892405ba","block_type":"box","text":"From time to time, an Authorized Participant (as defined below in","page_number":88,"box":{"x":349,"y":554,"width":457,"height":11}},{"id":"0e5fbffb-a2ca-4c07-bc16-e6265c4cb2d0","block_type":"box","text":"Authorized","page_number":88,"box":{"x":811,"y":555,"width":76,"height":8}},{"id":"a4244bb7-2344-411c-b185-ffd47d95e2e1","block_type":"box","text":"Participant Concentration Risk","page_number":88,"box":{"x":53,"y":569,"width":214,"height":10}},{"id":"708e8051-1e6f-4729-a6cf-52aa8baec656","block_type":"box","text":"), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund","page_number":88,"box":{"x":267,"y":568,"width":648,"height":11}},{"id":"90c3f830-d39a-4ffa-84fc-a764fad7520e","block_type":"box","text":"may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There","page_number":88,"box":{"x":53,"y":583,"width":866,"height":11}},{"id":"e90e08f6-b978-4372-9d05-790de75a0424","block_type":"box","text":"can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at","page_number":88,"box":{"x":53,"y":597,"width":889,"height":11}},{"id":"d3fb2445-ff0f-4181-a237-809d15c4827c","block_type":"box","text":"such levels, which could negatively impact the Fund.","page_number":88,"box":{"x":52,"y":611,"width":371,"height":11}},{"id":"4c2115f2-efc5-4b8b-9e2b-2d29d4be0f89","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":88,"box":{"x":52,"y":634,"width":318,"height":11}},{"id":"51b2a859-7afb-4127-88cf-eeac05873956","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":88,"box":{"x":374,"y":634,"width":531,"height":11}},{"id":"387c4412-2567-4619-a87a-f28f8671c67f","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":88,"box":{"x":53,"y":648,"width":810,"height":11}},{"id":"e2cbd771-d79f-4b60-87fc-8a6009a4052d","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":88,"box":{"x":52,"y":662,"width":816,"height":11}},{"id":"cb4fb24c-2837-4d50-b277-72cb66a67f8a","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":88,"box":{"x":52,"y":677,"width":884,"height":11}},{"id":"ec0dd8ae-1561-410e-9d81-ececf38f7fde","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":88,"box":{"x":53,"y":691,"width":871,"height":11}},{"id":"e92e9ce2-00e0-4b5d-ac51-5c7d20961c8f","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":88,"box":{"x":53,"y":705,"width":846,"height":11}},{"id":"47e8e594-2a30-41d0-9484-dd2277029f03","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":88,"box":{"x":52,"y":719,"width":881,"height":11}},{"id":"0930af6c-94a7-4d8d-a3a9-211945cb4b9d","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":88,"box":{"x":53,"y":734,"width":853,"height":10}},{"id":"0da158a0-47ad-4672-8d1d-478b09c0f354","block_type":"box","text":"halts or delisting.","page_number":88,"box":{"x":53,"y":748,"width":121,"height":11}},{"id":"c814257b-e051-4c56-a854-5f219a712552","block_type":"box","text":"Commodity Risk.","page_number":88,"box":{"x":53,"y":771,"width":124,"height":11}},{"id":"3d8252de-982e-47ca-9e1f-a5c4829d403e","block_type":"box","text":"The Fund invests in companies that are susceptible to fluctuations in certain commodity markets and to","page_number":88,"box":{"x":181,"y":771,"width":737,"height":11}},{"id":"4b4b9eb2-a9c6-44be-a061-57e38f8da045","block_type":"box","text":"price changes due to trade relations. Any negative changes in commodity markets that may be due to changes in supply and","page_number":88,"box":{"x":53,"y":785,"width":878,"height":11}},{"id":"beab15aa-0e4d-49d7-979b-0f0bb28b830a","block_type":"box","text":"demand for commodities, market events, war, regulatory developments, other catastrophic events, or other factors that the","page_number":88,"box":{"x":53,"y":799,"width":865,"height":11}},{"id":"c12da8d2-64a1-42fd-b92d-9ae4e0b3f176","block_type":"box","text":"Fund cannot control could have an adverse impact on those companies.","page_number":88,"box":{"x":53,"y":814,"width":509,"height":10}},{"id":"faa87815-25c2-4a05-8b3e-c6628539b450","block_type":"box","text":"Concentration Risk.","page_number":88,"box":{"x":53,"y":837,"width":145,"height":8}},{"id":"cde3de86-19d3-4257-8e50-dad3b3df4c62","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":88,"box":{"x":202,"y":837,"width":711,"height":10}},{"id":"e46684eb-569e-4f60-b24a-67a75bfbd5d1","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":88,"box":{"x":53,"y":851,"width":884,"height":10}},{"id":"889cc161-c1c3-430c-8759-8f655c7a345c","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":88,"box":{"x":52,"y":865,"width":887,"height":11}},{"id":"97831461-c084-4b53-b168-fbd6e8d0856e","block_type":"box","text":"asset classes.","page_number":88,"box":{"x":53,"y":879,"width":95,"height":9}},{"id":"c5d9d2ac-a14e-4eae-ab34-958a1cd3c60c","block_type":"box","text":"S-80","page_number":88,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"94791bf0-742e-4f30-9e2a-15d4d068ef12","block_type":"box","text":"Currency Risk.","page_number":89,"box":{"x":53,"y":46,"width":106,"height":11}},{"id":"4b2400e4-bda7-4269-81bc-f83321e61bb7","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":89,"box":{"x":164,"y":46,"width":751,"height":11}},{"id":"6d21493c-2502-4772-928b-4dcdaae1468c","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":89,"box":{"x":53,"y":61,"width":842,"height":10}},{"id":"8b3085f3-6c07-463c-91fd-4edc1d71721d","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":89,"box":{"x":52,"y":75,"width":854,"height":11}},{"id":"20b8475c-edd0-4302-82e0-90749b7aa6d6","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":89,"box":{"x":53,"y":89,"width":869,"height":11}},{"id":"80c70162-684d-4a88-bb1b-c92dca7e1241","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":89,"box":{"x":53,"y":103,"width":309,"height":11}},{"id":"21ed62c7-a41f-4a48-9a7b-5b4e637237e5","block_type":"box","text":"Custody Risk.","page_number":89,"box":{"x":53,"y":126,"width":99,"height":11}},{"id":"c330033d-b441-4517-97dd-5607f72e2f90","block_type":"box","text":"Less developed securities markets are more likely to experience problems with the clearing and settlement of","page_number":89,"box":{"x":158,"y":126,"width":769,"height":11}},{"id":"86d72dc5-5d35-4022-9557-6703862626a1","block_type":"box","text":"trades, as well as the custody of securities and other assets by local banks, agents and depositories. These issues may have an","page_number":89,"box":{"x":52,"y":141,"width":890,"height":10}},{"id":"16bbd3eb-5435-4944-a65d-26e373060608","block_type":"box","text":"adverse impact on the Fund, including losses or delays in payments, delivery or recovery of money or other assets.","page_number":89,"box":{"x":53,"y":155,"width":804,"height":11}},{"id":"8b3d3ba5-c66c-49df-b192-9d656dd8946a","block_type":"box","text":"Issuer Risk.","page_number":89,"box":{"x":53,"y":178,"width":83,"height":8}},{"id":"94b7c043-cec3-4723-863e-a27f926aa3ef","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":89,"box":{"x":140,"y":178,"width":780,"height":10}},{"id":"c5586394-e2bf-4ea1-9399-5e6f8d35c60b","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":89,"box":{"x":53,"y":192,"width":886,"height":11}},{"id":"cd0e1fd4-86b1-4984-b2d8-74627c37ade9","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":89,"box":{"x":52,"y":206,"width":576,"height":11}},{"id":"c8c21918-54cc-42e0-9381-e1df20e7fb38","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":89,"box":{"x":53,"y":229,"width":278,"height":11}},{"id":"f90a19cc-3f90-45b8-9df1-2588efd14073","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":89,"box":{"x":337,"y":230,"width":540,"height":10}},{"id":"eff435dc-cf85-47da-984d-b2c0a14765b1","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":89,"box":{"x":53,"y":244,"width":890,"height":10}},{"id":"331d3d0d-6d27-44c9-8705-4f112a440d37","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":89,"box":{"x":53,"y":258,"width":868,"height":11}},{"id":"b44a0c83-b4ce-455f-852c-884c836e1f3c","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":89,"box":{"x":53,"y":272,"width":709,"height":11}},{"id":"dfd6951f-58b0-482c-b2ca-b614e84cecc5","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":89,"box":{"x":53,"y":295,"width":395,"height":11}},{"id":"5ddc2ebf-03ff-4ba4-81ef-41243b1ce296","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":89,"box":{"x":453,"y":295,"width":410,"height":11}},{"id":"4e40ea3f-091b-4d48-901c-bc95b0d1e78a","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":89,"box":{"x":53,"y":309,"width":883,"height":11}},{"id":"9c4b5db4-2d55-4d97-9a45-e7cb38ffcc38","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":89,"box":{"x":52,"y":324,"width":884,"height":10}},{"id":"35231d2c-5c8f-4b24-82d8-8a14eda7a38e","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":89,"box":{"x":53,"y":338,"width":872,"height":11}},{"id":"93277c1f-9b12-467c-ad02-eb8ee21acadc","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":89,"box":{"x":53,"y":352,"width":812,"height":11}},{"id":"32ea789a-36af-4e23-89aa-0ebfcb096862","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":89,"box":{"x":53,"y":366,"width":890,"height":11}},{"id":"a9ea5909-8ded-4d8a-97fa-a7563423ee3b","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":89,"box":{"x":52,"y":381,"width":891,"height":9}},{"id":"ce01894d-472e-4c77-9ae6-f69c341df0e1","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":89,"box":{"x":53,"y":395,"width":836,"height":10}},{"id":"0adb127f-0d87-43b7-be84-7836e2de026e","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":89,"box":{"x":53,"y":409,"width":810,"height":10}},{"id":"d6c87909-f19f-418e-8bea-cb3228af060f","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":89,"box":{"x":53,"y":423,"width":861,"height":11}},{"id":"e86d47e3-13d4-45c3-93fd-1857b20bdfe8","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":89,"box":{"x":53,"y":437,"width":875,"height":11}},{"id":"b1477b89-51fe-48ae-b72b-6691326cf3d5","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":89,"box":{"x":52,"y":451,"width":654,"height":11}},{"id":"db174854-4552-4424-bfa6-b7c8a07db318","block_type":"box","text":"Management Risk.","page_number":89,"box":{"x":53,"y":474,"width":137,"height":11}},{"id":"9c60d115-04be-45d4-85c5-df0001a86270","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":89,"box":{"x":194,"y":474,"width":711,"height":11}},{"id":"fce65b75-0980-42a5-b31d-f2f69f8e3f9c","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":89,"box":{"x":53,"y":489,"width":877,"height":10}},{"id":"168739e1-ff4f-47f3-b763-0930a1bc5fb8","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":89,"box":{"x":53,"y":503,"width":859,"height":11}},{"id":"6b4cd863-b2be-4b90-a282-c47a994a7560","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":89,"box":{"x":52,"y":517,"width":848,"height":11}},{"id":"d1803b86-fa59-4d61-954e-79981fc073a9","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":89,"box":{"x":53,"y":531,"width":756,"height":11}},{"id":"4a85f58e-03e4-486c-9d4d-e1727474273b","block_type":"box","text":"Market Trading Risk.","page_number":89,"box":{"x":53,"y":554,"width":152,"height":11}},{"id":"1e421f82-51e8-4dd1-b8d6-7fd67ba478cc","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":89,"box":{"x":209,"y":554,"width":694,"height":11}},{"id":"5a7c177a-3a71-4163-8885-ff867a4d0be2","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":89,"box":{"x":53,"y":568,"width":841,"height":11}},{"id":"8da10aae-b00d-4522-8db0-d415fa8bd41c","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":89,"box":{"x":53,"y":583,"width":887,"height":11}},{"id":"46ef4333-a8e2-4036-823c-b766b84e8c58","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":89,"box":{"x":52,"y":597,"width":839,"height":11}},{"id":"e5fb7f05-5ae5-4f0d-a629-5b4fff8cbc06","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":89,"box":{"x":53,"y":611,"width":866,"height":11}},{"id":"a5ef10d0-5622-4d16-8d62-ee37f6e1b26a","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":89,"box":{"x":52,"y":625,"width":885,"height":11}},{"id":"9085a065-c065-4c7e-9bd3-58309a8e7038","block_type":"box","text":"of the Fund shares.","page_number":89,"box":{"x":53,"y":639,"width":134,"height":9}},{"id":"a66adcc1-8eea-4ae4-9bfd-5bbda3bb9786","block_type":"box","text":"Materials Companies Risk.","page_number":89,"box":{"x":53,"y":663,"width":195,"height":10}},{"id":"64450aa5-8d26-4715-a327-d75fd88a3874","block_type":"box","text":"Materials companies may be adversely affected by volatility in commodity prices, changes in","page_number":89,"box":{"x":253,"y":663,"width":653,"height":10}},{"id":"c20aafd4-1379-438c-a63e-7b93289c4e64","block_type":"box","text":"exchange rates, social and political unrest, war, depletion of resources, lower demand, overproduction, litigation and","page_number":89,"box":{"x":53,"y":677,"width":819,"height":11}},{"id":"6ff11c19-1b6f-4558-9857-f6a46c45b754","block_type":"box","text":"government regulations, among other factors.","page_number":89,"box":{"x":53,"y":691,"width":325,"height":11}},{"id":"9174d0ab-a8d6-4fe4-a994-4b31432bdef0","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":89,"box":{"x":53,"y":714,"width":264,"height":11}},{"id":"ca6ef67d-8b06-4cc7-b13b-d33756c5c945","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":89,"box":{"x":323,"y":714,"width":590,"height":11}},{"id":"e290ecd9-2728-4e22-9ed7-c2691bdc789b","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":89,"box":{"x":53,"y":728,"width":846,"height":11}},{"id":"e83e6fd6-f0ce-49f2-82d9-6484b3d706fc","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":89,"box":{"x":52,"y":742,"width":875,"height":11}},{"id":"3c55be98-6de3-492b-9fdf-a77f9903f27d","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":89,"box":{"x":52,"y":757,"width":529,"height":11}},{"id":"fb9dff0a-3cd4-42ab-9121-0e0e4e5e9547","block_type":"box","text":"National Closed Market Trading Risk.","page_number":89,"box":{"x":53,"y":780,"width":273,"height":11}},{"id":"d7c2e80d-e149-4981-a124-b24dc87c8d92","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":89,"box":{"x":330,"y":780,"width":544,"height":11}},{"id":"25eb86f9-a6e0-487d-8c75-5e525e2fe69b","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":89,"box":{"x":53,"y":794,"width":874,"height":11}},{"id":"a5eab380-448f-4921-9387-7f7d03903b9e","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":89,"box":{"x":52,"y":808,"width":651,"height":11}},{"id":"0ea1f4b2-4657-49ee-9e15-2c2d4be87f25","block_type":"box","text":"i.e","page_number":89,"box":{"x":704,"y":809,"width":15,"height":8}},{"id":"fdfdf01d-adbc-4bcd-b3a3-c42b8949602d","block_type":"box","text":"., the quote from the closed","page_number":89,"box":{"x":720,"y":808,"width":191,"height":11}},{"id":"ddb71a0c-c915-4fcd-9073-63a685482e3c","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":89,"box":{"x":52,"y":822,"width":880,"height":11}},{"id":"f4ef0037-8a31-4baa-ae06-0741c8e57509","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":89,"box":{"x":52,"y":837,"width":849,"height":10}},{"id":"a6ca66ce-5b2c-425f-86fa-d91516e278a1","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":89,"box":{"x":53,"y":851,"width":850,"height":11}},{"id":"10222639-87ec-43b0-802e-513da2de7288","block_type":"box","text":"funds.","page_number":89,"box":{"x":52,"y":865,"width":44,"height":8}},{"id":"f118b0d8-83bc-489f-ae07-9436d06b7a45","block_type":"box","text":"Non-Diversification Risk.","page_number":89,"box":{"x":53,"y":888,"width":184,"height":9}},{"id":"e3696871-a0cd-4095-8e7b-4fb678b37fca","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":89,"box":{"x":242,"y":888,"width":633,"height":11}},{"id":"92ec456a-eb9b-42b6-a68f-d0bc40aba3bb","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":89,"box":{"x":53,"y":902,"width":802,"height":11}},{"id":"c503522b-fd3f-4974-9db5-dd61dae75c79","block_type":"box","text":"S-81","page_number":89,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"c4f353a1-08fb-4f43-9f8f-433434526e98","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":90,"box":{"x":53,"y":46,"width":888,"height":11}},{"id":"f9cf6be5-c96b-49fd-a89d-e410d9e82357","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":90,"box":{"x":53,"y":61,"width":876,"height":10}},{"id":"c9ff2925-585a-40a8-9d10-1df819ccb0d8","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":90,"box":{"x":53,"y":75,"width":696,"height":11}},{"id":"7b34ad8e-6e08-495a-907f-329968fddfd3","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":90,"box":{"x":53,"y":98,"width":182,"height":8}},{"id":"b8b16f2d-bef0-43ea-8c01-8d0d0dd3eaf3","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":90,"box":{"x":240,"y":98,"width":687,"height":11}},{"id":"8f0b39a2-616c-43fd-bd7f-985d3a487d88","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":90,"box":{"x":53,"y":112,"width":853,"height":11}},{"id":"907ed5ee-d05b-424c-ad09-acf01d8929a6","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":90,"box":{"x":52,"y":126,"width":847,"height":11}},{"id":"c750d108-e8a0-4dba-82f7-9932646ef370","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":90,"box":{"x":53,"y":141,"width":889,"height":10}},{"id":"8182c862-1f1e-4a0d-a9bc-2acbb898f240","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":90,"box":{"x":53,"y":155,"width":842,"height":11}},{"id":"67433431-9656-4974-8925-eb47e6fba8f2","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":90,"box":{"x":53,"y":169,"width":831,"height":11}},{"id":"ab6f0e5b-f070-4c7f-9997-1f4da91f947b","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":90,"box":{"x":53,"y":183,"width":821,"height":11}},{"id":"b15ed492-df6a-497f-8a32-7fcd202c72c7","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":90,"box":{"x":53,"y":197,"width":871,"height":11}},{"id":"3b48a3a9-0b79-4386-9feb-359cc300eec7","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":90,"box":{"x":53,"y":211,"width":289,"height":11}},{"id":"d26d5913-2f65-48a5-ae1d-68629a40cc69","block_type":"box","text":"Asian Economic Risk and Australasian Economic Risk.","page_number":90,"box":{"x":346,"y":211,"width":398,"height":9}},{"id":"9e9da166-67da-46d6-bfcd-8f78552f6128","block_type":"box","text":"Operational and Technology Risks.","page_number":90,"box":{"x":53,"y":235,"width":254,"height":11}},{"id":"69df7f9d-2412-4cfb-bd23-909094781701","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":90,"box":{"x":312,"y":235,"width":581,"height":10}},{"id":"933e0b0f-35dc-4d55-8cb4-8b821346438c","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":90,"box":{"x":53,"y":249,"width":876,"height":11}},{"id":"4d5c9241-b847-45ec-b5b8-2f067d53e26f","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":90,"box":{"x":53,"y":263,"width":879,"height":11}},{"id":"a0642a50-7f29-48b5-8d23-85d412bb47df","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":90,"box":{"x":53,"y":277,"width":825,"height":11}},{"id":"3f318394-c132-429a-92a7-e7542d160f76","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":90,"box":{"x":53,"y":291,"width":862,"height":11}},{"id":"c2bb53f8-9a1e-4533-aee0-6927ec5c1747","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":90,"box":{"x":53,"y":306,"width":872,"height":10}},{"id":"08bdc428-76a8-4013-89ee-52f5c940b280","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":90,"box":{"x":53,"y":320,"width":824,"height":11}},{"id":"0eaa38ee-46b1-4683-a310-a5f0261a9490","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":90,"box":{"x":53,"y":343,"width":253,"height":11}},{"id":"beb615c6-891d-4dab-b527-e62641d63037","block_type":"box","text":"The Fund invests in countries or regions whose economies are heavily dependent upon","page_number":90,"box":{"x":310,"y":343,"width":614,"height":11}},{"id":"8fc0e244-acd4-497f-ad01-0bc9c2606393","block_type":"box","text":"trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its","page_number":90,"box":{"x":52,"y":357,"width":871,"height":11}},{"id":"565f4a6f-13be-4443-9f1c-d305fffec8dd","block_type":"box","text":"holdings of securities of certain issuers, the Fund is specifically exposed to","page_number":90,"box":{"x":53,"y":371,"width":527,"height":11}},{"id":"3a6cdf97-ff29-4ac1-ace2-12bdc03dc50f","block_type":"box","text":"Asian Economic Risk","page_number":90,"box":{"x":584,"y":371,"width":154,"height":9}},{"id":"f025325a-0c88-4bb5-8a2f-88f4b9b9c8ee","block_type":"box","text":"and","page_number":90,"box":{"x":742,"y":371,"width":26,"height":9}},{"id":"0a8cf64c-51b7-453e-8d72-3b7539f79666","block_type":"box","text":"North American","page_number":90,"box":{"x":774,"y":371,"width":116,"height":9}},{"id":"f9433cd3-12e1-467a-8c91-1f78d8a505cc","block_type":"box","text":"Economic Risk","page_number":90,"box":{"x":53,"y":385,"width":108,"height":9}},{"id":"a1a357ad-5dd5-4211-b1c5-3e5c09486b0d","block_type":"box","text":".","page_number":90,"box":{"x":162,"y":393,"width":1,"height":1}},{"id":"aca06524-7928-4420-922d-e3e4a2d45641","block_type":"box","text":"Risk of Investing in Australia.","page_number":90,"box":{"x":53,"y":409,"width":214,"height":11}},{"id":"6bf5a5f9-eedb-4e0f-8efd-3bf9c73630ed","block_type":"box","text":"Investing in Australian issuers subjects the Fund to legal, regulatory, political, currency,","page_number":90,"box":{"x":273,"y":409,"width":615,"height":10}},{"id":"92c77ffa-56ac-4ea2-b198-2070429d94c8","block_type":"box","text":"security, and economic risks that are specific to Australia. The Australian economy depends heavily on energy, agricultural","page_number":90,"box":{"x":52,"y":423,"width":862,"height":11}},{"id":"4ea5ebdd-0c1c-46fc-818c-680d799ce8fd","block_type":"box","text":"and mining exports and, as a result, is susceptible to fluctuations in the commodity markets. Australia also depends on","page_number":90,"box":{"x":53,"y":437,"width":839,"height":11}},{"id":"5558db64-2ecb-4180-a70f-2baa02af9c01","block_type":"box","text":"trading with key trading partners.","page_number":90,"box":{"x":52,"y":451,"width":236,"height":11}},{"id":"ad9642f5-9e76-4dec-8fb1-a8701cbdd0c7","block_type":"box","text":"Risk of Investing in China.","page_number":90,"box":{"x":53,"y":474,"width":191,"height":11}},{"id":"26ea53a7-21f9-4ff1-bc2f-c5ee8ed068ab","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":90,"box":{"x":250,"y":474,"width":678,"height":11}},{"id":"9fe07c1e-a438-4bde-b06f-583e17c7bcaf","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":90,"box":{"x":53,"y":489,"width":819,"height":10}},{"id":"bc3ee3dc-7967-404e-9587-407e6ae0edff","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":90,"box":{"x":53,"y":503,"width":866,"height":11}},{"id":"d7da4a35-c205-41fd-9d08-efb68b778a94","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":90,"box":{"x":53,"y":517,"width":866,"height":11}},{"id":"3e11f84e-8ae0-4122-bfca-91a794e5895e","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":90,"box":{"x":52,"y":531,"width":841,"height":11}},{"id":"271070ac-fe67-4aed-805c-5af81e94db23","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":90,"box":{"x":53,"y":545,"width":864,"height":11}},{"id":"3c2244ae-3785-4400-9946-a5b7dd3f0b2f","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":90,"box":{"x":52,"y":559,"width":861,"height":11}},{"id":"99f5a9bf-c1e4-4585-b7f2-8c0c184e1817","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":90,"box":{"x":53,"y":574,"width":869,"height":10}},{"id":"1156fe69-0ebf-4265-b6a9-b35e0b3b2ebe","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":90,"box":{"x":53,"y":588,"width":783,"height":11}},{"id":"31c47c9f-03a9-4176-870c-533772060bd5","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":90,"box":{"x":53,"y":611,"width":887,"height":11}},{"id":"53dc58bb-4f93-4027-aaaf-bfd779118c66","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":90,"box":{"x":52,"y":625,"width":834,"height":11}},{"id":"b6e98c33-5517-4901-847e-5f75309e50a4","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":90,"box":{"x":52,"y":640,"width":845,"height":10}},{"id":"4c559db1-2585-4264-80c5-64aca14a5fbd","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":90,"box":{"x":53,"y":654,"width":876,"height":10}},{"id":"bc785863-f671-4311-b9e5-a1d0acefa977","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":90,"box":{"x":53,"y":668,"width":834,"height":11}},{"id":"c42b3226-870f-4c21-b656-4288d9c55342","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":90,"box":{"x":53,"y":682,"width":421,"height":11}},{"id":"747f6a50-8111-4128-b45f-5a3c2e97a676","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":90,"box":{"x":52,"y":705,"width":849,"height":11}},{"id":"35ac25bd-72d8-4661-8925-df23d4324292","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":90,"box":{"x":53,"y":719,"width":886,"height":11}},{"id":"c037fe4b-2e68-4576-b79d-c7cfeb634900","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":90,"box":{"x":53,"y":733,"width":878,"height":11}},{"id":"27ad9a2d-84bd-46ce-8796-8f7ca30cdce4","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":90,"box":{"x":53,"y":748,"width":874,"height":11}},{"id":"50647771-6e5f-4a05-bd95-3296762345c9","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":90,"box":{"x":53,"y":762,"width":878,"height":11}},{"id":"b3754256-c074-40f9-b0ff-107c5f93bfd0","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":90,"box":{"x":53,"y":776,"width":807,"height":11}},{"id":"20e686bf-9a41-481c-8e10-7a4ddf3891e0","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":90,"box":{"x":53,"y":790,"width":890,"height":11}},{"id":"f01b3dae-0c41-4072-8964-a77a99ec8e96","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":90,"box":{"x":52,"y":804,"width":471,"height":11}},{"id":"9b706421-321b-4367-93cd-c67d68026187","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":90,"box":{"x":53,"y":828,"width":883,"height":10}},{"id":"c72510b5-449f-41b5-a185-b12dff50743f","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":90,"box":{"x":53,"y":842,"width":850,"height":11}},{"id":"4b7703d3-1810-4058-b93b-2eff7c93ca4f","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":90,"box":{"x":53,"y":856,"width":861,"height":11}},{"id":"981e0908-3479-4bb9-ac94-a65c59fc9bca","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":90,"box":{"x":53,"y":870,"width":850,"height":11}},{"id":"41343dc7-65a1-424c-8ae8-f7bc1f83aba7","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":90,"box":{"x":53,"y":884,"width":883,"height":11}},{"id":"be7ab91b-9cfe-436f-98c9-cf5842d4f90b","block_type":"box","text":"S-82","page_number":90,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"bd77021c-1eee-4583-b7f0-b2da28eaf963","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":91,"box":{"x":52,"y":46,"width":860,"height":11}},{"id":"92cf33d2-fdd5-440c-b408-a706c6d79b6c","block_type":"box","text":"have limited legal remedies.","page_number":91,"box":{"x":53,"y":61,"width":196,"height":10}},{"id":"7135f233-efc2-41e1-886f-a6f7ed90f604","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":91,"box":{"x":53,"y":84,"width":845,"height":11}},{"id":"f3b76cde-aa00-4ea5-845a-6c4c584ae32b","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":91,"box":{"x":52,"y":98,"width":836,"height":11}},{"id":"c4cbb071-3406-47f4-aca4-9ba6ecd58602","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":91,"box":{"x":53,"y":112,"width":851,"height":11}},{"id":"1a961310-2429-4782-8c3f-9250f5cbd966","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":91,"box":{"x":52,"y":126,"width":779,"height":11}},{"id":"bf1a8603-19d9-40db-bbe0-1e0141c9c8bd","block_type":"box","text":"considerations.","page_number":91,"box":{"x":53,"y":141,"width":107,"height":8}},{"id":"4fd82aaa-efbd-4bb1-beac-148958c9b406","block_type":"box","text":"Risk of Investing in Developing Markets.","page_number":91,"box":{"x":53,"y":164,"width":296,"height":11}},{"id":"33fb9501-b426-4a2f-a3a1-165bfcfd3134","block_type":"box","text":"Developing markets are those emerging or frontier markets that are considered to","page_number":91,"box":{"x":355,"y":164,"width":577,"height":11}},{"id":"f7fea59f-90d2-4397-b57b-538f19a5417d","block_type":"box","text":"be among the smallest, least mature and least liquid, and as a result, may be more likely to experience inflation risk, political","page_number":91,"box":{"x":53,"y":178,"width":874,"height":11}},{"id":"ab0a7cab-a776-4662-8491-0857219c4dc3","block_type":"box","text":"turmoil and rapid changes in economic conditions than more developed and traditional emerging or frontier markets.","page_number":91,"box":{"x":52,"y":192,"width":831,"height":11}},{"id":"57574802-853d-4494-b909-3d275b1f5985","block_type":"box","text":"Investments in developing markets may be subject to a greater risk of loss than investments in more developed and","page_number":91,"box":{"x":53,"y":206,"width":814,"height":11}},{"id":"9b7e5dc7-d4bf-4bf1-a48f-6bd68162ee5e","block_type":"box","text":"traditional emerging or frontier markets. Developing markets often have less uniformity in accounting and reporting","page_number":91,"box":{"x":52,"y":220,"width":821,"height":11}},{"id":"4166ca58-f499-4df7-b99f-612c3f9dd3e1","block_type":"box","text":"requirements, unreliable securities valuation and greater risk associated with custody of securities. Economic, political,","page_number":91,"box":{"x":53,"y":235,"width":841,"height":10}},{"id":"1d695490-7b5d-4c40-ad99-dab10265cf96","block_type":"box","text":"liquidity and currency risks may be more pronounced with respect to investments in developing markets than in emerging or","page_number":91,"box":{"x":53,"y":249,"width":881,"height":11}},{"id":"a737fc0d-9fc6-4cd9-b734-419a20e61fa0","block_type":"box","text":"frontier markets.","page_number":91,"box":{"x":52,"y":263,"width":117,"height":8}},{"id":"8abc05ac-51cb-407f-b95c-58ec18d75444","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":91,"box":{"x":53,"y":286,"width":285,"height":11}},{"id":"931127f5-a9fe-4ebf-a9dc-701e193a4dba","block_type":"box","text":"Investments in emerging markets may be subject to a greater risk of loss than","page_number":91,"box":{"x":344,"y":286,"width":547,"height":11}},{"id":"222e2a7b-8d2f-4e8c-b42b-ebab4f7d2a76","block_type":"box","text":"investments in more developed markets. The risks of emerging markets may include, among others, greater market volatility;","page_number":91,"box":{"x":53,"y":300,"width":880,"height":11}},{"id":"7e2a9cff-f02a-4ef6-ae2a-9e7d1f514cfb","block_type":"box","text":"political, legal, economic, and social instability; less developed securities markets, including settlement, custody and","page_number":91,"box":{"x":53,"y":315,"width":822,"height":10}},{"id":"8e607d50-22d3-46ac-898c-d5999ac82fcf","block_type":"box","text":"valuation processes; government expropriation or nationalization of assets; greater volatility in currency exchange rates; more","page_number":91,"box":{"x":52,"y":329,"width":891,"height":11}},{"id":"cf156235-ea55-4fde-800b-95512ac03ad2","block_type":"box","text":"capital controls; less governmental supervision and regulation; and less stringent accounting, auditing and disclosure","page_number":91,"box":{"x":53,"y":343,"width":834,"height":11}},{"id":"b928d62e-76c2-41c9-9c01-550b1afe1446","block_type":"box","text":"requirements. There may be significant obstacles to obtaining information necessary for investigations into or litigation","page_number":91,"box":{"x":53,"y":357,"width":845,"height":11}},{"id":"3c999cff-140c-47d1-a7da-eda890ac3fd9","block_type":"box","text":"against companies, and shareholders may have limited legal remedies. The Fund does not select investments based on","page_number":91,"box":{"x":53,"y":371,"width":841,"height":11}},{"id":"f1e6ae45-2c2e-4ec0-93e0-617aaa0acd5b","block_type":"box","text":"investor protection considerations. Emerging market securities may face liquidity challenges, and the Fund may be unable to","page_number":91,"box":{"x":53,"y":385,"width":884,"height":11}},{"id":"550011c6-669a-4d7d-b283-2b20cd9726ee","block_type":"box","text":"liquidate its positions in such securities at a favorable time or price.","page_number":91,"box":{"x":53,"y":400,"width":475,"height":10}},{"id":"1e801ee6-bae5-4f51-a833-4eb148548e41","block_type":"box","text":"Risk of Investing in the U.S.","page_number":91,"box":{"x":53,"y":423,"width":200,"height":11}},{"id":"fdeb8e9d-c477-4907-8d5f-31e9b3cc4b2e","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":91,"box":{"x":259,"y":423,"width":663,"height":11}},{"id":"e322712c-2857-4c4c-825e-93d436072a84","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":91,"box":{"x":53,"y":437,"width":877,"height":11}},{"id":"b216c26d-255c-402c-bf18-0449b9baed5c","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":91,"box":{"x":53,"y":451,"width":470,"height":11}},{"id":"2141847e-45a0-46e3-9a35-2d93050e8bda","block_type":"box","text":"Securities Lending Risk.","page_number":91,"box":{"x":52,"y":474,"width":178,"height":11}},{"id":"ef25b82e-00aa-4325-bf5e-0cc82b3c4ef7","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":91,"box":{"x":234,"y":474,"width":692,"height":11}},{"id":"f3aa52ac-da7a-4c52-b5ca-39a77093adbb","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":91,"box":{"x":53,"y":489,"width":870,"height":10}},{"id":"7cdad7a6-acc1-447b-94ff-08ec735ea0b4","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":91,"box":{"x":53,"y":503,"width":886,"height":11}},{"id":"6844b4be-7211-461e-b0d6-3e08aa1bb40a","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":91,"box":{"x":53,"y":517,"width":831,"height":11}},{"id":"3aab131a-98f0-4790-b7c0-1954375ec8fc","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":91,"box":{"x":52,"y":540,"width":278,"height":11}},{"id":"c8a70e31-472e-4cd4-9a05-f247467f042c","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":91,"box":{"x":336,"y":540,"width":532,"height":11}},{"id":"d225299d-703f-43d4-84cd-5a8147af902a","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":91,"box":{"x":53,"y":554,"width":817,"height":11}},{"id":"7ea21a36-a401-471e-8e15-00fdc6894be9","block_type":"box","text":"companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s","page_number":91,"box":{"x":53,"y":568,"width":887,"height":11}},{"id":"d07d8249-0368-45bc-9605-73d32c62d743","block_type":"box","text":"share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.","page_number":91,"box":{"x":52,"y":583,"width":818,"height":11}},{"id":"ce269641-5a94-4df8-ae3e-e346ea2d3433","block_type":"box","text":"Small Fund Risk.","page_number":91,"box":{"x":52,"y":606,"width":122,"height":8}},{"id":"5e993bc3-65c2-430b-b3d6-f19ba1de4f8a","block_type":"box","text":"When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The","page_number":91,"box":{"x":178,"y":606,"width":751,"height":11}},{"id":"ef4eba98-ee76-4bff-80c4-d579eb075607","block_type":"box","text":"Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset","page_number":91,"box":{"x":53,"y":620,"width":869,"height":11}},{"id":"8fd5fe44-83e7-4019-b5a5-1707823ad4b4","block_type":"box","text":"base. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by the listing","page_number":91,"box":{"x":53,"y":634,"width":837,"height":11}},{"id":"adad4832-ad31-4710-a217-9e5ccf71c23b","block_type":"box","text":"exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax","page_number":91,"box":{"x":53,"y":648,"width":832,"height":11}},{"id":"60fe642f-68be-49be-9872-9c3741e6bf71","block_type":"box","text":"consequences for its shareholders.","page_number":91,"box":{"x":53,"y":663,"width":246,"height":10}},{"id":"043b6a91-5788-46fe-b716-9199397e2511","block_type":"box","text":"Tracking Error Risk.","page_number":91,"box":{"x":52,"y":686,"width":145,"height":11}},{"id":"7ecd81e8-289e-4bea-8f6c-f31f2625ba50","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":91,"box":{"x":201,"y":686,"width":741,"height":11}},{"id":"366ec05b-447c-43af-887d-06501f9e91cc","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":91,"box":{"x":53,"y":700,"width":861,"height":11}},{"id":"f30848b4-e20e-41d0-8390-12c32160ee22","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":91,"box":{"x":53,"y":714,"width":832,"height":11}},{"id":"6ad6bb42-9f2e-4b4d-ad79-529e9ef55a24","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":91,"box":{"x":53,"y":729,"width":880,"height":10}},{"id":"db75c1d4-3967-41c9-858a-5d39d4ae1a76","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":91,"box":{"x":53,"y":742,"width":831,"height":11}},{"id":"2472312c-ed63-431d-8b60-35927f74d797","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":91,"box":{"x":52,"y":757,"width":828,"height":11}},{"id":"a9a31a21-9467-4f79-9b9d-05caef03cfc5","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":91,"box":{"x":53,"y":771,"width":873,"height":11}},{"id":"ecd1a1f8-1a3f-4d3b-b888-dcb28c995cd0","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":91,"box":{"x":53,"y":785,"width":889,"height":11}},{"id":"415825b9-48e6-4dd1-91ce-fe6610ec16da","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":91,"box":{"x":53,"y":799,"width":852,"height":11}},{"id":"5bf9a11f-c0b5-42f1-a8ab-ba77ce162aec","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":91,"box":{"x":53,"y":813,"width":886,"height":11}},{"id":"b73df78c-92d1-439c-9e4d-8e6101ee3274","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":91,"box":{"x":53,"y":828,"width":873,"height":10}},{"id":"0b7d8eda-5ec5-4bd9-a77d-2ac4dce26cde","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. Until the Fund reaches","page_number":91,"box":{"x":53,"y":842,"width":890,"height":11}},{"id":"0f197745-9989-4c18-b909-f211c2e2e4dd","block_type":"box","text":"greater scale, it may experience higher tracking error than is typical for similar index ETFs. A Fund that tracks an index with","page_number":91,"box":{"x":53,"y":856,"width":866,"height":11}},{"id":"ae62f553-465c-4cdb-88df-4b830dec7f49","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":91,"box":{"x":53,"y":870,"width":763,"height":11}},{"id":"222d49fe-199b-47f4-98d6-6242c182de73","block_type":"box","text":"S-83","page_number":91,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"5664b846-d848-4823-a5d0-219317472aa2","block_type":"box","text":"Valuation Risk.","page_number":92,"box":{"x":52,"y":46,"width":110,"height":9}},{"id":"83bcf5c0-4689-455a-b64e-e13a443910f5","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":92,"box":{"x":166,"y":46,"width":740,"height":11}},{"id":"559ef4a5-a8ad-4433-bd77-e771227c3ce5","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":92,"box":{"x":53,"y":61,"width":840,"height":10}},{"id":"330e4399-f38a-451c-9693-05b8dd61377d","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":92,"box":{"x":52,"y":75,"width":869,"height":11}},{"id":"b9be61a6-3774-4706-82cc-ef5aa7187e48","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":92,"box":{"x":52,"y":89,"width":889,"height":11}},{"id":"1bb380e7-35b2-4afd-8377-189a1bff2b78","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":92,"box":{"x":53,"y":103,"width":871,"height":11}},{"id":"c312db4f-e9b7-435f-a772-296013edb1be","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":92,"box":{"x":52,"y":117,"width":879,"height":11}},{"id":"180f9158-1a6f-4d2d-8ce4-731c3a3b41b4","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":92,"box":{"x":53,"y":132,"width":880,"height":10}},{"id":"476cbe7f-e7a5-4945-94a5-4f622b66aa5d","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":92,"box":{"x":53,"y":146,"width":816,"height":11}},{"id":"d1ccb2c0-7948-4155-bb6d-00a50dce99a0","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":92,"box":{"x":52,"y":160,"width":613,"height":11}},{"id":"07288bdf-e144-499a-9bc2-a43f197a3b3b","block_type":"box","text":"Performance Information","page_number":92,"box":{"x":54,"y":189,"width":228,"height":10}},{"id":"542757c6-8960-4c07-8137-403e202d52e9","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":92,"box":{"x":52,"y":214,"width":864,"height":10}},{"id":"2e232361-27b9-428a-9447-470dc814a23b","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":92,"box":{"x":52,"y":228,"width":872,"height":11}},{"id":"8da7b340-4446-4166-9669-0fd1fdef0652","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":92,"box":{"x":53,"y":242,"width":868,"height":11}},{"id":"dac7b6ec-ebc4-4ee6-8ee7-9575dcb23378","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":92,"box":{"x":53,"y":257,"width":838,"height":10}},{"id":"e25981df-0ed9-4903-9ee2-034686535ad1","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":92,"box":{"x":53,"y":271,"width":868,"height":11}},{"id":"25270d1b-4cf1-41eb-b669-4e675f765336","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":92,"box":{"x":53,"y":285,"width":832,"height":11}},{"id":"bdb51655-8675-4eac-be52-a7bc7c5e5d91","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":92,"box":{"x":53,"y":299,"width":842,"height":11}},{"id":"236fd8c3-9c48-4c5d-8760-9e7fb2e4b76e","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":92,"box":{"x":52,"y":313,"width":531,"height":11}},{"id":"548a6059-61c0-43d8-9006-77eb3f0f6cf9","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":92,"box":{"x":135,"y":338,"width":260,"height":11}},{"id":"4c3987c9-95b2-49b7-a7f6-3be849173579","block_type":"box","text":"-45.14","page_number":92,"box":{"x":157,"y":467,"width":31,"height":6}},{"id":"6809ffb9-76fa-4c56-927d-3f7cb5e2af22","block_type":"box","text":"81.77","page_number":92,"box":{"x":345,"y":397,"width":26,"height":6}},{"id":"3155b7f4-1ca9-430d-b3a5-689eddb28eb5","block_type":"box","text":"2024 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Such indices use withholding tax rates that are","page_number":92,"box":{"x":93,"y":693,"width":847,"height":9}},{"id":"526b042d-b224-461b-8ea3-a16a1bf2ca48","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":92,"box":{"x":93,"y":703,"width":843,"height":9}},{"id":"eecd0d55-72e6-4f5e-b2fe-32550ffce992","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":92,"box":{"x":92,"y":713,"width":829,"height":10}},{"id":"8445ef7a-94d6-4ee8-a537-76803fea3719","block_type":"box","text":"tax rates, if any.","page_number":92,"box":{"x":92,"y":723,"width":97,"height":10}},{"id":"853a6634-ba3b-46f1-810f-912fd36453cf","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":92,"box":{"x":52,"y":743,"width":857,"height":11}},{"id":"460081a5-107c-42f2-827a-760966533888","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":92,"box":{"x":53,"y":757,"width":865,"height":11}},{"id":"915845a5-ac8f-4ad5-8136-266527694245","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":92,"box":{"x":53,"y":772,"width":847,"height":10}},{"id":"97598241-f6bd-4f10-9d4c-242491bcc58f","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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Frictions between China and the Philippines in the South China Sea pose a risk of escalation","page_number":101,"box":{"x":46,"y":291,"width":856,"height":11}},{"id":"fcf8bd5a-ee7c-44be-87c6-46efe3a742c2","block_type":"box","text":"potentially leading to military conflict. In addition, many Asian countries are subject to social and labor risks associated with demands for","page_number":101,"box":{"x":46,"y":305,"width":879,"height":11}},{"id":"597d24fa-7165-4f37-9e82-2b00fef8794d","block_type":"box","text":"improved political, economic and social conditions. These risks, among others, may adversely affect the value of a Fund’s investments with","page_number":101,"box":{"x":46,"y":320,"width":888,"height":11}},{"id":"6230dad2-a904-4c12-a951-574747452a9b","block_type":"box","text":"exposure to Asia.","page_number":101,"box":{"x":46,"y":334,"width":109,"height":11}},{"id":"260d7f6c-b107-4440-b5ab-312ecf56191f","block_type":"box","text":"Asset Class Risk.","page_number":101,"box":{"x":45,"y":357,"width":118,"height":9}},{"id":"697a58fe-b7a4-4f59-abe0-47d9ab95d885","block_type":"box","text":"The securities and other assets in a Fund’s portfolio or, if applicable, its Underlying Index may underperform in","page_number":101,"box":{"x":168,"y":357,"width":706,"height":11}},{"id":"ef381ba8-0da4-42b1-a475-89c7e3ca8326","block_type":"box","text":"comparison to indexes that track, or assets that represent, other countries or geographic units, industries, markets, market segments, or","page_number":101,"box":{"x":46,"y":371,"width":878,"height":11}},{"id":"926b937b-e6b1-47ca-b3c1-b16d85f71ac4","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":101,"box":{"x":46,"y":385,"width":868,"height":11}},{"id":"00201025-2afb-4fc6-9afb-de8ad9d5221b","block_type":"box","text":"comparison to financial markets generally. This divergence may be due to a number of factors including, among other things, inflation,","page_number":101,"box":{"x":46,"y":400,"width":857,"height":10}},{"id":"f015fa79-9f42-41b6-8c3a-d1ba5447e8e5","block_type":"box","text":"interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. This may cause a Fund","page_number":101,"box":{"x":46,"y":414,"width":900,"height":11}},{"id":"e67b57e9-bae4-473c-9187-91fe2220dfc6","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":101,"box":{"x":46,"y":428,"width":512,"height":11}},{"id":"5ff64ab6-3c32-478d-ab54-5934c480eace","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":101,"box":{"x":45,"y":451,"width":273,"height":11}},{"id":"1b25eb6c-0af8-417f-8f7d-1c20eb5204ef","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":101,"box":{"x":325,"y":451,"width":613,"height":11}},{"id":"ef4c7605-c1fa-4ad5-8a0b-8a3493996dea","block_type":"box","text":"of a Fund’s adviser, or another fund may invest in a Fund and hold its investment for a specific period of time to allow the Fund to achieve","page_number":101,"box":{"x":46,"y":465,"width":879,"height":11}},{"id":"dd77057c-ba00-44fb-8fac-e96341abb183","block_type":"box","text":"size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be","page_number":101,"box":{"x":46,"y":480,"width":841,"height":10}},{"id":"e881ef96-384e-4b3b-9ff8-f7072b27b795","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":101,"box":{"x":46,"y":494,"width":426,"height":11}},{"id":"96d53768-39ba-4b6d-b983-cb8424d035e9","block_type":"box","text":"Australasian Economic Risk.","page_number":101,"box":{"x":45,"y":517,"width":197,"height":8}},{"id":"b765eb64-2eed-456a-aeb4-c7e2ae028700","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, depend on exports from the energy,","page_number":101,"box":{"x":247,"y":517,"width":695,"height":11}},{"id":"461c467d-e450-4621-803b-377e12db8522","block_type":"box","text":"agricultural and mining sectors and, as a result, are susceptible to fluctuations in the commodity markets. These economies also increasingly","page_number":101,"box":{"x":46,"y":531,"width":903,"height":11}},{"id":"b6d36bfb-2d63-4532-af7b-9b4710c17e9a","block_type":"box","text":"depend on their growing service industries. The Australasian economies depend on the economies of their key trading partners, which","page_number":101,"box":{"x":46,"y":545,"width":857,"height":11}},{"id":"b8f6fb3d-288c-4105-8181-c05eef676ff6","block_type":"box","text":"include China, Japan, South Korea, the U.S. and certain European countries. Reduced spending by any of these trading partners on","page_number":101,"box":{"x":46,"y":559,"width":834,"height":11}},{"id":"faed65fc-e6ae-404d-9527-89b8a58c7ee5","block_type":"box","text":"Australasian products and services, or negative changes in any of these economies, may have an adverse impact on some or all of the","page_number":101,"box":{"x":45,"y":574,"width":858,"height":10}},{"id":"88c03a11-af81-4536-9cfc-5cfcdc065e86","block_type":"box","text":"Australasian economies. Economic events in key trading countries can have a significant effect on the Australasian economies.","page_number":101,"box":{"x":45,"y":588,"width":813,"height":11}},{"id":"4772f99d-66c4-497a-bd35-01546a3e027b","block_type":"box","text":"Other risks to Australasian countries include natural disasters that may occur in the region (e.g., droughts, earthquakes, fires, tsunamis) and","page_number":101,"box":{"x":46,"y":611,"width":897,"height":11}},{"id":"676944ea-6a5d-4361-857f-53a2cda4fa8d","block_type":"box","text":"national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely affect the","page_number":101,"box":{"x":46,"y":625,"width":847,"height":11}},{"id":"70250b12-331b-47d2-bc7e-3b2630d3884c","block_type":"box","text":"Australasian economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s investments.","page_number":101,"box":{"x":45,"y":639,"width":841,"height":11}},{"id":"890a6489-de01-432b-b382-279f1b16c049","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":101,"box":{"x":45,"y":663,"width":297,"height":10}},{"id":"c962abcd-7e46-4a0d-b22a-41efa6a8740d","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":101,"box":{"x":347,"y":663,"width":579,"height":10}},{"id":"9555e4b8-8725-4ce0-a4e7-f6557f0eac10","block_type":"box","text":"with a Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on","page_number":101,"box":{"x":45,"y":677,"width":895,"height":11}},{"id":"58551887-8b6a-49b4-9f73-aff866498791","block_type":"box","text":"behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent","page_number":101,"box":{"x":46,"y":691,"width":882,"height":11}},{"id":"f219568e-77bd-43a1-9e39-fa912842a62c","block_type":"box","text":"that Authorized Participants exit the business or do not place creation or redemption orders for a Fund and no other Authorized Participant","page_number":101,"box":{"x":46,"y":705,"width":888,"height":11}},{"id":"1378f0a0-55ce-4b78-8cb2-0283d168e789","block_type":"box","text":"places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized","page_number":101,"box":{"x":46,"y":719,"width":889,"height":11}},{"id":"6359ca49-47b7-40d4-8f16-4ac66997614b","block_type":"box","text":"Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower","page_number":101,"box":{"x":46,"y":733,"width":885,"height":11}},{"id":"1ccaf056-083a-4663-a1a9-bb7a1d39bdb8","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":101,"box":{"x":46,"y":748,"width":893,"height":11}},{"id":"dbd1cf56-e26c-430e-afac-393653599d37","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":101,"box":{"x":45,"y":762,"width":522,"height":11}},{"id":"973f41e1-d1e2-4780-8b5d-8b68b1aeffb1","block_type":"box","text":"Borrowing Risk.","page_number":101,"box":{"x":46,"y":785,"width":108,"height":11}},{"id":"f5b91075-b2ea-4b9a-bcfd-20304e5bd269","block_type":"box","text":"Borrowing may exaggerate changes in a Fund’s NAV and in the return on its portfolio. A Fund that borrows will incur","page_number":101,"box":{"x":160,"y":785,"width":740,"height":11}},{"id":"6266c482-e7c6-41f8-9eb0-e828aee94f98","block_type":"box","text":"interest expenses and other fees, which may reduce the Fund’s return. Borrowing may also cause a Fund to liquidate positions when it may","page_number":101,"box":{"x":46,"y":799,"width":890,"height":11}},{"id":"87952769-0c0e-498a-aa85-6f5578ef9e19","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":101,"box":{"x":46,"y":813,"width":348,"height":11}},{"id":"40471f4d-2305-4444-8780-b7fe032d2a5b","block_type":"box","text":"Cash Transactions Risk.","page_number":101,"box":{"x":46,"y":837,"width":163,"height":8}},{"id":"b8b47e40-31f5-44ba-90db-4ee47ca25b55","block_type":"box","text":"Certain Funds expect to effect their creation and redemption transactions in cash, rather than as in-kind","page_number":101,"box":{"x":215,"y":837,"width":667,"height":10}},{"id":"813fe9b4-5541-4cf3-b633-8d13456f7fe8","block_type":"box","text":"transactions. Paying redemption proceeds in cash rather than through in-kind delivery may require a Fund to sell investments at an","page_number":101,"box":{"x":46,"y":851,"width":837,"height":11}},{"id":"adc13f31-291b-48f2-b087-480e7c96fe48","block_type":"box","text":"inopportune time to obtain the cash needed to meet redemption orders. As a result, the Fund may recognize capital gains or losses that","page_number":101,"box":{"x":46,"y":865,"width":869,"height":11}},{"id":"d65fb9bb-e972-4688-a1ff-b388c8151bf3","block_type":"box","text":"might not have been incurred if it had made an in-kind redemption, and it may pay out higher or lower annual capital gains distributions than","page_number":101,"box":{"x":46,"y":879,"width":897,"height":11}},{"id":"c704b502-a690-4381-8a40-a5754f59f435","block_type":"box","text":"ETFs that redeem in-kind. This may decrease the tax efficiency of the Fund compared with that of ETFs that use in-kind redemptions. The use","page_number":101,"box":{"x":46,"y":893,"width":902,"height":11}},{"id":"92a37b1b-6913-4a13-9167-bcb0c88ff277","block_type":"box","text":"of cash creations and redemptions also may cause a Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or","page_number":101,"box":{"x":46,"y":908,"width":897,"height":10}},{"id":"c39b909d-30e6-46dc-8a49-26ed7c400b6d","block_type":"box","text":"8","page_number":101,"box":{"x":495,"y":944,"width":7,"height":8}},{"id":"5361fada-83b3-496b-b5e8-5d08d500c38a","block_type":"box","text":"discounts to the Fund’s NAV. Furthermore, a Fund may not be able to purchase or sell investments in connection with cash creations and","page_number":102,"box":{"x":46,"y":46,"width":875,"height":11}},{"id":"3d7d0b3c-29b1-4ca1-aea7-9c65414ba6d1","block_type":"box","text":"redemptions, respectively, at the same price used to determine the Fund’s NAV for such creations or redemptions. To the extent that the","page_number":102,"box":{"x":46,"y":61,"width":874,"height":10}},{"id":"73ff4e85-5196-4bbf-8bf0-c836f2b4a73d","block_type":"box","text":"maximum additional charge for creation or redemption transactions that can be allocated to Authorized Participants is insufficient to cover","page_number":102,"box":{"x":46,"y":75,"width":888,"height":11}},{"id":"4468e42f-3e8c-4d6a-96ae-47ac9f4851c9","block_type":"box","text":"the execution costs of a cash transaction, a Fund’s performance could be negatively impacted.","page_number":102,"box":{"x":46,"y":89,"width":605,"height":11}},{"id":"63c85f38-436a-4139-8d2c-333c9f078811","block_type":"box","text":"Central and South American Economic Risk.","page_number":102,"box":{"x":46,"y":112,"width":304,"height":9}},{"id":"af9aa59c-70e8-4621-a230-d0c37d1c94bd","block_type":"box","text":"Certain Central and South American countries have experienced high interest rates,","page_number":102,"box":{"x":356,"y":112,"width":537,"height":11}},{"id":"66baab88-ee4b-4cfe-aac7-47ca94dcc29e","block_type":"box","text":"economic volatility, high levels of inflation, currency devaluations, regime changes, government defaults and high unemployment rates.","page_number":102,"box":{"x":46,"y":126,"width":863,"height":11}},{"id":"355f59e4-e03b-4106-83b3-c189c4e67472","block_type":"box","text":"Additionally, commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, and the","page_number":102,"box":{"x":45,"y":140,"width":856,"height":11}},{"id":"5fd98296-218b-4c26-9fac-c116413beab0","block_type":"box","text":"economies of countries in the region are particularly sensitive to fluctuations in commodity prices as a result. Central and South American","page_number":102,"box":{"x":46,"y":155,"width":883,"height":11}},{"id":"da3ef70e-fd76-4d26-94b7-fefd09e0df61","block_type":"box","text":"countries depend on the economies of their key trading partners, which include China, the U.S., other countries in the region and certain","page_number":102,"box":{"x":46,"y":169,"width":873,"height":11}},{"id":"ae6bcca8-018f-40d4-a11e-d4d6ffa99bc4","block_type":"box","text":"European countries. Reduced spending by any of these trading partners on products and services, or negative changes in any of these","page_number":102,"box":{"x":46,"y":183,"width":857,"height":11}},{"id":"2f54c8aa-73c9-42c3-9e1b-e879d8716d1a","block_type":"box","text":"economies, may have an adverse impact on some or all of the economies in the region. The impact of any of the foregoing events in one","page_number":102,"box":{"x":46,"y":197,"width":869,"height":11}},{"id":"dad0216c-76da-4948-973b-500b56f51af8","block_type":"box","text":"country could have a significant effect on the entire region.","page_number":102,"box":{"x":46,"y":211,"width":377,"height":11}},{"id":"3329baa2-2a78-44e5-87b0-238743c441c7","block_type":"box","text":"Other risks to Central and South American countries include natural disasters that may occur in the region (e.g., floods, hurricanes,","page_number":102,"box":{"x":46,"y":235,"width":839,"height":10}},{"id":"4ca224dd-6c34-48a6-bc22-469e9b33c189","block_type":"box","text":"earthquakes) and national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely","page_number":102,"box":{"x":46,"y":249,"width":898,"height":11}},{"id":"db51e566-fb77-4ae6-9856-479bf2e25f02","block_type":"box","text":"affect Central and South American economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s","page_number":102,"box":{"x":46,"y":263,"width":896,"height":11}},{"id":"3c5deb37-240d-4782-9581-c38627a65841","block_type":"box","text":"investments.","page_number":102,"box":{"x":46,"y":277,"width":81,"height":9}},{"id":"52c89df5-2f8e-48ca-b208-1f208ba74dfb","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":102,"box":{"x":46,"y":300,"width":335,"height":9}},{"id":"43e022b0-b9e0-465b-a033-39bf99113558","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":102,"box":{"x":387,"y":300,"width":563,"height":11}},{"id":"2e71dc68-f13e-46dd-9b85-1aec6112abb7","block_type":"box","text":"of U.S. or foreign global systemically important banking organizations to include contractual restrictions on close-out and cross-default in","page_number":102,"box":{"x":46,"y":315,"width":880,"height":10}},{"id":"344be780-f2a0-487b-b1a9-920d4d927bf5","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":102,"box":{"x":46,"y":329,"width":881,"height":11}},{"id":"a537586e-79dc-4b07-b0ec-ccd4601211c3","block_type":"box","text":"and other derivatives as well as repurchase agreements and securities lending agreements. The restrictions prevent a Fund from closing out","page_number":102,"box":{"x":46,"y":343,"width":896,"height":11}},{"id":"9e0daf1a-5584-40e1-b5b6-76767d1469e8","block_type":"box","text":"a qualified financial contract during a specified time period if the counterparty is subject to resolution proceedings and also prohibit a Fund","page_number":102,"box":{"x":46,"y":357,"width":889,"height":11}},{"id":"58cc7ae7-bd9a-4f4f-9b07-d8787c7d6e39","block_type":"box","text":"from exercising default rights due to a receivership or similar proceeding of an affiliate of the counterparty. These requirements may increase","page_number":102,"box":{"x":45,"y":371,"width":904,"height":11}},{"id":"fa6c2482-100f-4add-9e38-1f777f55dcda","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":102,"box":{"x":46,"y":385,"width":230,"height":9}},{"id":"a636faf1-af4e-4299-84f1-46086e40a098","block_type":"box","text":"Commodity Risk.","page_number":102,"box":{"x":46,"y":409,"width":117,"height":10}},{"id":"e8344c0c-cb3b-4c06-b4dc-cb8e49365dc8","block_type":"box","text":"Commodity prices may be influenced or characterized by unpredictable factors, including, where applicable, high","page_number":102,"box":{"x":168,"y":409,"width":722,"height":10}},{"id":"9e585c17-7226-4e6e-b3f9-24695b8c3c2e","block_type":"box","text":"volatility, changes in supply and demand relationships, weather, agriculture, trade, pestilence, political instability, war, catastrophic even","page_number":102,"box":{"x":45,"y":423,"width":874,"height":11}},{"id":"aa3a7649-a1f4-4f1f-bffd-c1dd3afa29af","block_type":"box","text":"ts,","page_number":102,"box":{"x":920,"y":424,"width":15,"height":9}},{"id":"a2ed2d58-fc8d-4d2e-bcda-c1c51f08eedd","block_type":"box","text":"changes in interest rates and monetary and other governmental policies, action and inaction, including price changes due to trade relations.","page_number":102,"box":{"x":46,"y":437,"width":895,"height":11}},{"id":"017d95ac-6d14-4a6b-871d-dc0a23e0f9a9","block_type":"box","text":"Securities of companies that are dependent on a single commodity, or are concentrated in a single commodity sector, may typically exhibit","page_number":102,"box":{"x":46,"y":451,"width":890,"height":11}},{"id":"ecc8eaf0-cb71-411e-a370-dacd9fe028a2","block_type":"box","text":"even higher volatility attributable to commodity prices.","page_number":102,"box":{"x":46,"y":465,"width":349,"height":11}},{"id":"aceb5765-7418-466d-8e91-3e2d83e37b57","block_type":"box","text":"Communications Companies Risk.","page_number":102,"box":{"x":46,"y":489,"width":236,"height":10}},{"id":"b4cc7f5f-9072-40e2-9125-eaf8f7410a6c","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":102,"box":{"x":287,"y":489,"width":632,"height":10}},{"id":"015d64bd-05cd-40c7-9e74-229637898ab6","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":102,"box":{"x":46,"y":503,"width":863,"height":11}},{"id":"e7ff0cd8-c454-4d2a-b774-88857db1f122","block_type":"box","text":"intelligence and machine learning. These companies may need to commit substantial capital to integrate new technologies and develop new","page_number":102,"box":{"x":46,"y":517,"width":896,"height":11}},{"id":"9c7abd97-ba64-4a3c-b42a-4e7052d6edb6","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":102,"box":{"x":46,"y":531,"width":867,"height":11}},{"id":"d69f5915-7136-4415-8c06-6dc9f3e3adf6","block_type":"box","text":"business. Cybersecurity and data privacy risks may be heightened for communications companies, and a theft of proprietary or consumer","page_number":102,"box":{"x":46,"y":545,"width":881,"height":11}},{"id":"e75b8f6d-c000-4b7c-ae8c-dd385ffcf790","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":102,"box":{"x":46,"y":559,"width":694,"height":11}},{"id":"c917d768-90f0-4aa4-b4d9-bcdf284d712e","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":102,"box":{"x":46,"y":583,"width":880,"height":11}},{"id":"6e9715c7-f82a-4b5f-9c60-908d65fb8b41","block_type":"box","text":"complying with regulations and seeking required approvals, as well as potential delays or denials, may adversely affect their business. These","page_number":102,"box":{"x":46,"y":597,"width":897,"height":11}},{"id":"f916875d-bb7e-4ecf-945d-c4e09683cb97","block_type":"box","text":"companies may face increased government scrutiny and may be subject to adverse government or legal action. They depend significantly on","page_number":102,"box":{"x":46,"y":611,"width":898,"height":11}},{"id":"7ea80e36-183f-4b6e-ad34-31316757fdf6","block_type":"box","text":"patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability.","page_number":102,"box":{"x":46,"y":625,"width":805,"height":11}},{"id":"43a93e43-9d52-4822-8e66-582b30df64e8","block_type":"box","text":"Concentration Risk.","page_number":102,"box":{"x":46,"y":648,"width":135,"height":9}},{"id":"34ecb082-414a-4af6-ae46-69a30669c2f0","block_type":"box","text":"A Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s","page_number":102,"box":{"x":186,"y":648,"width":744,"height":11}},{"id":"e7ad5734-2c92-437e-8e51-3a3f7ddb2cfd","block_type":"box","text":"investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of","page_number":102,"box":{"x":46,"y":663,"width":903,"height":10}},{"id":"0500ffed-cb22-45fd-9f8e-67e1ba136fcc","block_type":"box","text":"one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes. A Fund with investment","page_number":102,"box":{"x":46,"y":677,"width":853,"height":11}},{"id":"7c302e3a-1a83-4a08-b14a-5d63f7c3f145","block_type":"box","text":"concentration may be more adversely affected by the underperformance of those assets, may experience greater price volatility and may be","page_number":102,"box":{"x":46,"y":691,"width":897,"height":11}},{"id":"b33be910-a2c9-4273-b1f7-8469c6951183","block_type":"box","text":"more susceptible to adverse economic, market, political or regulatory impacts on those assets compared to a fund that does not concentrate","page_number":102,"box":{"x":46,"y":705,"width":905,"height":11}},{"id":"3021a880-1e75-4229-b569-fdc45f754368","block_type":"box","text":"its investments.","page_number":102,"box":{"x":46,"y":719,"width":100,"height":9}},{"id":"201fd740-2cf7-4256-8b9f-046ea730344f","block_type":"box","text":"Consumer Goods and Services Com","page_number":102,"box":{"x":46,"y":743,"width":247,"height":8}},{"id":"2b146068-a61d-4aff-8a23-b49746700459","block_type":"box","text":"panies Risk.","page_number":102,"box":{"x":295,"y":743,"width":82,"height":10}},{"id":"95a3f9fe-feb3-4fd1-a40b-7d01f6b928c0","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":102,"box":{"x":384,"y":743,"width":561,"height":10}},{"id":"d8e1457b-d149-40c3-b71c-c31d37f7c350","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":102,"box":{"x":46,"y":757,"width":896,"height":11}},{"id":"05a3ae9d-900a-4f0e-b376-21882e6bd4de","block_type":"box","text":"other factors affecting consumer preferences and demand. In addition, damage to a brand or a reputation crisis can have a substantial","page_number":102,"box":{"x":46,"y":771,"width":860,"height":11}},{"id":"5c4dacb8-6037-4be8-a8b2-38eb9ef61d74","block_type":"box","text":"adverse impact on consumer companies.","page_number":102,"box":{"x":46,"y":785,"width":262,"height":11}},{"id":"9b4d276e-0d79-4c60-8048-52fbb54b36dd","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":102,"box":{"x":46,"y":808,"width":849,"height":11}},{"id":"16ee55e7-a731-4413-951a-90818d442c97","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":102,"box":{"x":46,"y":822,"width":882,"height":11}},{"id":"81bc31c0-518f-46d9-9e04-bed62f6e8683","block_type":"box","text":"compliance costs, and consumer companies also face the risk of product liability claims. Consumer companies also may be adversely","page_number":102,"box":{"x":46,"y":837,"width":855,"height":10}},{"id":"1700f9ee-4f5a-4d8e-88c6-9a09842b3f1e","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":102,"box":{"x":46,"y":851,"width":560,"height":11}},{"id":"19107adf-b1eb-4ce3-b8ff-869a40c0eaf2","block_type":"box","text":"Copper and Metal Ore Mining Companies Risk.","page_number":102,"box":{"x":46,"y":874,"width":321,"height":11}},{"id":"61baf195-30d2-4fa6-9419-f5b12104cebe","block_type":"box","text":"Companies involved in copper and metal ore mining may be adversely affected by","page_number":102,"box":{"x":373,"y":874,"width":525,"height":11}},{"id":"1baefb6f-b0f1-4b19-8ee0-4308b1f17965","block_type":"box","text":"commodity price volatility, exchange rate fluctuations, trade constraints, social and political unrest, war, operational and production risks,","page_number":102,"box":{"x":46,"y":888,"width":882,"height":11}},{"id":"8e1f4535-c837-4c8e-9589-bfc82f9f1e3c","block_type":"box","text":"events related to energy conservation, reserve estimation uncertainty, depletion of resources, labor conflicts, increased environmental or","page_number":102,"box":{"x":46,"y":902,"width":880,"height":11}},{"id":"045a5690-6f22-47b9-a3be-3d801c0c8a2b","block_type":"box","text":"9","page_number":102,"box":{"x":496,"y":944,"width":6,"height":8}},{"id":"0a2ce221-8d5b-42df-bdbb-bd5616537a1d","block_type":"box","text":"labor costs, over-production, decreases in demand, and regulatory requirements, among other factors. Copper and metal ore mining","page_number":103,"box":{"x":46,"y":46,"width":848,"height":11}},{"id":"d4e119ec-598b-4847-843b-54fe399563a6","block_type":"box","text":"companies are at risk of liability for safety incidents and environmental damage and may incur significant litigation and remediation costs.","page_number":103,"box":{"x":46,"y":61,"width":882,"height":10}},{"id":"15759127-93ba-42dc-93ce-7e1338273e69","block_type":"box","text":"Investments in copper and metal ore mining companies may be speculative and may be subject to greater price volatility than investments in","page_number":103,"box":{"x":46,"y":75,"width":901,"height":11}},{"id":"72c49a54-7c9b-45fb-bb79-ee682c09d38b","block_type":"box","text":"other types of companies.","page_number":103,"box":{"x":46,"y":89,"width":165,"height":11}},{"id":"79fa54bc-01e4-488b-aff7-8ca8c3ebb159","block_type":"box","text":"Currency Risk.","page_number":103,"box":{"x":46,"y":112,"width":100,"height":11}},{"id":"88a72339-37d0-48b5-b7b6-fe55c8d6d717","block_type":"box","text":"Because each Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if the currency of a","page_number":103,"box":{"x":152,"y":112,"width":748,"height":11}},{"id":"f4607008-9efc-4163-b87a-c4c47e2d5471","block_type":"box","text":"non-U.S. market in which a Fund invests depreciates against the U.S. dollar or if there are delays or limits on repatriation of foreign currency,","page_number":103,"box":{"x":46,"y":126,"width":901,"height":11}},{"id":"44ca4535-7cea-4f78-9aa4-47b0d078c4b5","block_type":"box","text":"even if the foreign currency value of the Fund’s holdings in that market increases. Currency exchange rates can be very volatile and can","page_number":103,"box":{"x":46,"y":140,"width":866,"height":11}},{"id":"9f3c48ea-207e-4de9-b092-845a94bf0dfd","block_type":"box","text":"change quickly and unpredictably. As a result, a Fund’s NAV may change quickly and without warning. In addition, a Fund may incur costs in","page_number":103,"box":{"x":46,"y":155,"width":891,"height":11}},{"id":"8316d3a8-a6fb-48d9-909f-d01523b2d3f8","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":103,"box":{"x":46,"y":169,"width":470,"height":11}},{"id":"bb4658f8-c7af-4daa-a5b3-5c85cbf015d2","block_type":"box","text":"Custody Risk.","page_number":103,"box":{"x":46,"y":192,"width":94,"height":11}},{"id":"611028a9-d1bc-4797-85f0-71fb688d4769","block_type":"box","text":"Custody risk refers to the risks in the process of clearing and settling trades, as well as the holding of securities and other","page_number":103,"box":{"x":145,"y":192,"width":780,"height":11}},{"id":"7bc62137-daa2-4c58-b472-5187ebc603c4","block_type":"box","text":"assets by local banks, agents and depositories. These risks are heightened in jurisdictions with less developed markets or less robust","page_number":103,"box":{"x":46,"y":206,"width":852,"height":11}},{"id":"6b1618f4-acd6-45ae-85ed-95079801f861","block_type":"box","text":"settlement and custody infrastructure and processes, and they may result in losses or delays in payments, delivery or recovery of money or","page_number":103,"box":{"x":46,"y":220,"width":892,"height":11}},{"id":"99541054-50ff-4d20-8f5f-d4b7a8cb495d","block_type":"box","text":"other assets. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle.","page_number":103,"box":{"x":46,"y":235,"width":822,"height":10}},{"id":"1d1bfcda-0f79-41f4-a43d-b4d1e092add4","block_type":"box","text":"Governments or trade groups may compel local agents to hold securities and other assets in designated depositories that may not be subject","page_number":103,"box":{"x":46,"y":249,"width":905,"height":11}},{"id":"bad41d75-8f01-4656-8da8-292aea2287a6","block_type":"box","text":"to independent evaluation. Local agents are held only to the standards of care of their local markets. In general, the less developed a","page_number":103,"box":{"x":46,"y":263,"width":849,"height":11}},{"id":"00748164-9a59-44f4-add3-1441fa20731a","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":103,"box":{"x":46,"y":277,"width":453,"height":11}},{"id":"d5b3dfe5-edb4-4c4c-8320-a1d039f6fbd5","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":103,"box":{"x":46,"y":300,"width":192,"height":11}},{"id":"49d4ab1a-4211-4120-a344-defad2044c51","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and","page_number":103,"box":{"x":244,"y":300,"width":693,"height":11}},{"id":"cf9bad46-339e-4894-b2b0-3498ef940622","block_type":"box","text":"underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are not required to pay or continue","page_number":103,"box":{"x":46,"y":315,"width":896,"height":10}},{"id":"ccc93870-3deb-4258-bf47-2eba668fec4e","block_type":"box","text":"paying dividends on such stocks. It is possible that issuers of dividend-paying stocks will not declare dividends in the future or will reduce or","page_number":103,"box":{"x":46,"y":329,"width":896,"height":11}},{"id":"62fda89c-2c67-43ef-8aef-e8fab7615b24","block_type":"box","text":"eliminate the payment of dividends (including reducing or eliminating anticipated accelerations or increases in the payment of dividends),","page_number":103,"box":{"x":46,"y":343,"width":879,"height":11}},{"id":"047b3792-a7cd-4fb1-98be-2041807ce7d7","block_type":"box","text":"which may adversely affect a Fund with such holdings. In addition, the value of dividend-paying stocks can decline when interest rates rise,","page_number":103,"box":{"x":45,"y":357,"width":888,"height":11}},{"id":"c64dabd2-9f95-4df1-9683-d1a10b044ed8","block_type":"box","text":"as fixed-income investments become more attractive to investors.","page_number":103,"box":{"x":46,"y":371,"width":423,"height":9}},{"id":"b699d21b-617f-4fcb-b306-5357c131f233","block_type":"box","text":"Energy Companies Risk.","page_number":103,"box":{"x":46,"y":394,"width":166,"height":11}},{"id":"fc5f5d77-28b0-4b7f-ae69-417a931f4beb","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by","page_number":103,"box":{"x":217,"y":394,"width":644,"height":11}},{"id":"e4b9c551-d2fd-46d6-b334-2fd7137c717c","block_type":"box","text":"supply-demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations,","page_number":103,"box":{"x":46,"y":409,"width":905,"height":10}},{"id":"8bd2b3ea-5137-447b-8126-00fd8253154e","block_type":"box","text":"war or other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector","page_number":103,"box":{"x":45,"y":423,"width":875,"height":11}},{"id":"f471c59c-ab9d-4c3e-942f-5ece7f8ca997","block_type":"box","text":"generally is subject to substantial government regulation, and companies may incur significant costs in complying with environmental and","page_number":103,"box":{"x":46,"y":437,"width":882,"height":11}},{"id":"32922a1d-18c2-4e41-b817-aab8c747dbe0","block_type":"box","text":"other laws. Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the","page_number":103,"box":{"x":46,"y":451,"width":838,"height":11}},{"id":"eb97c43c-0dc0-46bd-a7c6-d791df70db8f","block_type":"box","text":"performance of energy companies.","page_number":103,"box":{"x":46,"y":465,"width":222,"height":11}},{"id":"11ae4f81-fc7d-4c40-bccf-15637f05e5b3","block_type":"box","text":"Energy companies may depend on a relatively small number of customers, including governmental entities and utilities. The exploration and","page_number":103,"box":{"x":46,"y":489,"width":892,"height":10}},{"id":"056baf27-8bbe-4772-911c-4f5f82be4d4c","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":103,"box":{"x":46,"y":503,"width":877,"height":11}},{"id":"a0db1274-1c13-4aaa-a0f7-fa5e4cac3085","block_type":"box","text":"may face high interest costs and difficulty in raising capital. Energy companies also may face challenges from operating in countries with a","page_number":103,"box":{"x":46,"y":517,"width":885,"height":11}},{"id":"8f569e89-26a6-4215-a7b6-c375b9126e2f","block_type":"box","text":"history of adverse policies or events, such as expropriation, confiscation of assets, corruption, political instability and social unrest. The","page_number":103,"box":{"x":46,"y":531,"width":866,"height":11}},{"id":"d0f92eaa-9be9-4f74-a794-0866992083e2","block_type":"box","text":"operations of energy companies may be disrupted by events that target or damage energy infrastructure, including cyber or other attacks,","page_number":103,"box":{"x":46,"y":545,"width":883,"height":11}},{"id":"489c3edf-9ab5-451f-b32c-c8283cb3b974","block_type":"box","text":"accidents and natural disasters. Energy companies are at risk of liability for environmental harm and other types of damages.","page_number":103,"box":{"x":46,"y":559,"width":799,"height":11}},{"id":"d5f9e831-c499-4571-bf44-f27a209a33d4","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine in 2022 led to","page_number":103,"box":{"x":45,"y":583,"width":837,"height":11}},{"id":"17551ebf-e653-4f26-8f2c-c38fabbf1cae","block_type":"box","text":"disruptions and increased volatility in the energy and commodity futures markets due to actual and potential disruptions in the supply and","page_number":103,"box":{"x":46,"y":597,"width":882,"height":11}},{"id":"df47ed1a-ebee-437d-82cd-9d8b8a947593","block_type":"box","text":"demand for certain commodities, including oil and natural gas. The U.S. and other actors have imposed various sanctions and restrictions on","page_number":103,"box":{"x":46,"y":611,"width":899,"height":11}},{"id":"4b20e3fe-27f2-46a2-8f0a-e5c50566145f","block_type":"box","text":"business dealings with Russia, which include restrictions on imports of oil, natural gas and coal. It is impossible to predict the effect of","page_number":103,"box":{"x":46,"y":625,"width":859,"height":11}},{"id":"246ae886-9615-4a4b-b680-4a7d98f259e4","block_type":"box","text":"current or future sanctions and restrictions, the extent and duration of the conflict, and associated disruptions in the energy sector. The","page_number":103,"box":{"x":46,"y":639,"width":868,"height":11}},{"id":"521b841a-fc03-4ad5-bd7c-40252130e5dc","block_type":"box","text":"effect of these events or any related developments could be significant and may have a severe adverse effect on a Fund’s performance.","page_number":103,"box":{"x":46,"y":654,"width":867,"height":10}},{"id":"a6c2765b-0922-4740-939a-6a4d6d834f0a","block_type":"box","text":"Equity Securities Risk.","page_number":103,"box":{"x":46,"y":677,"width":155,"height":11}},{"id":"bed2e9b0-776b-43f8-8d09-4e79b27289c8","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":103,"box":{"x":207,"y":677,"width":732,"height":11}},{"id":"3eb45e79-8b9a-43a0-bc8f-683d59b79d3e","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more","page_number":103,"box":{"x":46,"y":691,"width":876,"height":11}},{"id":"41dca688-21a8-4f24-923e-a65f55a699de","block_type":"box","text":"volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":103,"box":{"x":45,"y":705,"width":905,"height":11}},{"id":"b00cf489-f650-4b70-979d-3a3ad20e9ec8","block_type":"box","text":"company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy.","page_number":103,"box":{"x":46,"y":719,"width":875,"height":11}},{"id":"e59d764e-52fe-4c70-b692-76b97d54c2e2","block_type":"box","text":"Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.","page_number":103,"box":{"x":46,"y":734,"width":812,"height":10}},{"id":"98a8983c-b6a0-4482-a71f-c8ba09726b76","block_type":"box","text":"ESG Risk.","page_number":103,"box":{"x":46,"y":757,"width":65,"height":8}},{"id":"e8704a3e-79bc-4f4e-adc9-0cb8b1f0144e","block_type":"box","text":"To the extent that a Fund’s Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the types and","page_number":103,"box":{"x":116,"y":757,"width":835,"height":11}},{"id":"357bd89b-06af-4735-b538-83f3f250d110","block_type":"box","text":"number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds whose underlying index","page_number":103,"box":{"x":46,"y":771,"width":888,"height":11}},{"id":"cd8dde80-98ed-4729-b296-51ee76a11cc2","block_type":"box","text":"does not use ESG criteria. An Underlying Index’s use of ESG criteria may result in a Fund investing in, or allocating greater weight to,","page_number":103,"box":{"x":46,"y":785,"width":846,"height":11}},{"id":"0e802bcd-96fa-4a81-a6d7-1780667da747","block_type":"box","text":"securities or market sectors that underperform the market as a whole or underperform other funds that use ESG criteria. In addition, the use","page_number":103,"box":{"x":46,"y":799,"width":901,"height":11}},{"id":"1c9983de-6750-43d3-9629-f6fec7060644","block_type":"box","text":"of representative sampling may result in the divergence of a Fund’s overall ESG characteristics or ESG risk from those of the Underlying","page_number":103,"box":{"x":46,"y":813,"width":869,"height":11}},{"id":"6793a53c-9356-4a38-9933-915b7c715b34","block_type":"box","text":"Index.","page_number":103,"box":{"x":46,"y":828,"width":37,"height":8}},{"id":"e2e02d22-9f03-4bdf-b738-bb4aa7f572f7","block_type":"box","text":"An Index Provider evaluates securities for inclusion and/or weighting in such an Underlying Index based on ESG criteria and data provided by","page_number":103,"box":{"x":45,"y":851,"width":904,"height":11}},{"id":"b40daf0d-ac4f-46e2-bee5-5f34497db149","block_type":"box","text":"the Index Provider or third parties. The Index Provider’s evaluation of securities’ ESG characteristics depends on these criteria and data,","page_number":103,"box":{"x":46,"y":865,"width":868,"height":11}},{"id":"73536c95-fe4f-46cb-866d-9589edb1e533","block_type":"box","text":"which may vary by index provider, and no assurance can be given that they will be complete, accurate or current. In addition, an Index","page_number":103,"box":{"x":45,"y":879,"width":858,"height":11}},{"id":"77cb95ff-9e45-4caa-ab6f-3705c2971c7d","block_type":"box","text":"Provider may evaluate security-level ESG data (including ratings) and, if applicable, ESG objectives or constraints that are relevant to an","page_number":103,"box":{"x":46,"y":893,"width":868,"height":11}},{"id":"c8c4625a-0d69-4658-ba72-f5a6c03013f2","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities included in an Underlying Index may cease to meet the relevant ESG criteria","page_number":103,"box":{"x":46,"y":908,"width":898,"height":10}},{"id":"273a3cc1-0c63-4ea1-b397-75d16fcb34aa","block_type":"box","text":"10","page_number":103,"box":{"x":494,"y":944,"width":12,"height":8}},{"id":"6cacdb59-95e7-41ed-bc28-34752aec399e","block_type":"box","text":"but may nevertheless remain in the Underlying Index and in the Fund using the Underlying Index until the next review or rebalance by the","page_number":104,"box":{"x":46,"y":46,"width":875,"height":11}},{"id":"c1b27f31-1b00-44a7-b2c5-bb1546052c21","block_type":"box","text":"Index Provider. As a result, certain securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG","page_number":104,"box":{"x":46,"y":61,"width":872,"height":10}},{"id":"8736f638-2f05-470a-85b9-0a0315edbddd","block_type":"box","text":"objectives or constraints at all times. If the ESG assessment of a security in an Underlying Index or a Fund changes, neither the Fund nor BFA","page_number":104,"box":{"x":46,"y":75,"width":902,"height":11}},{"id":"88b6362e-5fb8-4984-9e8d-7c84e3608fbf","block_type":"box","text":"accepts any liability in relation to such change. BFA does not monitor securities in an Underlying Index with respect to ESG objectives or","page_number":104,"box":{"x":46,"y":89,"width":872,"height":11}},{"id":"d69bd1d7-f005-46ac-8fc6-89330e282be6","block_type":"box","text":"constraints applied by the Index Provider and is not responsible for changes to the ESG assessment of a security in an Underlying Index","page_number":104,"box":{"x":46,"y":103,"width":867,"height":11}},{"id":"3d50af6a-ab00-4af1-9fd0-604ba8f7dbeb","block_type":"box","text":"between rebalances. In addition, BFA does not assess the validity of an Index Provider’s evaluation of the ESG characteristics of securities or","page_number":104,"box":{"x":46,"y":117,"width":900,"height":11}},{"id":"d79a45f4-554c-4218-9ff7-3ea8ec7572a1","block_type":"box","text":"the criteria and data used in such evaluation.","page_number":104,"box":{"x":46,"y":132,"width":286,"height":8}},{"id":"cd51e224-bb94-4030-9215-f48908380e37","block_type":"box","text":"The impacts of risks related to ESG investing are likely to change over time, and new ESG risks may be identified as further data and","page_number":104,"box":{"x":45,"y":155,"width":845,"height":11}},{"id":"9cef83a7-9f98-40e0-9d9e-993b6ec9ba72","block_type":"box","text":"information regarding ESG factors and impacts become available. In addition, methodologies for ESG investing continue to develop, and the","page_number":104,"box":{"x":46,"y":169,"width":894,"height":11}},{"id":"dd16a34a-72e8-4ef7-8dbb-8778dd4eda03","block_type":"box","text":"ESG methodology applied by an Index Provider may change over time.","page_number":104,"box":{"x":46,"y":183,"width":447,"height":11}},{"id":"0e924c75-80de-4af2-b87d-b9650c03d5f1","block_type":"box","text":"European Economic Risk.","page_number":104,"box":{"x":46,"y":206,"width":174,"height":11}},{"id":"4382b05b-fee6-4cac-a694-ce98fc10eefb","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":104,"box":{"x":225,"y":206,"width":705,"height":11}},{"id":"e7c29dd2-3a83-4fd2-ae2e-5e8b22d49231","block_type":"box","text":"members of the eurozone with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal and monetary controls,","page_number":104,"box":{"x":46,"y":220,"width":893,"height":11}},{"id":"b09679ed-f8ac-4422-b0fc-baa97be8eac3","block_type":"box","text":"each of which may significantly affect every country in Europe, including those countries that are not members of the eurozone. Additionally,","page_number":104,"box":{"x":46,"y":235,"width":899,"height":10}},{"id":"b08b3135-da44-4d25-a669-8de520115800","block_type":"box","text":"European countries outside of the eurozone may present economic risks that are independent of the indirect effects that eurozone policies","page_number":104,"box":{"x":46,"y":249,"width":889,"height":11}},{"id":"5faf39ac-7824-4722-aa5e-a718084e9f71","block_type":"box","text":"have on them. In particular, the U.K.’s economy may be affected by global economic, industrial and financial shifts. Changes in imports or","page_number":104,"box":{"x":46,"y":263,"width":880,"height":11}},{"id":"c4c49aa4-5996-4ca1-9843-ccd99afa1d5b","block_type":"box","text":"exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro (the common currency of eurozone","page_number":104,"box":{"x":46,"y":277,"width":887,"height":11}},{"id":"fb6fa358-5530-4ebc-ad17-5ecb080439ef","block_type":"box","text":"countries), the default or threat of default by an EU member state on its sovereign debt and/or an economic recession in an EU member","page_number":104,"box":{"x":46,"y":291,"width":874,"height":11}},{"id":"28d8bbab-37ac-4ef1-809c-9c4f35b4ab89","block_type":"box","text":"state may have a significant adverse effect on the economies of other EU member states and their trading partners. The European financial","page_number":104,"box":{"x":46,"y":305,"width":889,"height":11}},{"id":"3961caa3-f7fa-4a84-a4e9-12460478f947","block_type":"box","text":"markets have historically experienced volatility and adverse trends due to concerns about economic downturns or government debt levels in","page_number":104,"box":{"x":46,"y":320,"width":898,"height":11}},{"id":"a7003368-7ee3-46ec-b5f9-b5e4596ad13d","block_type":"box","text":"several European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece, Ireland, Italy, Portugal, Spain and Ukraine.","page_number":104,"box":{"x":46,"y":334,"width":904,"height":11}},{"id":"988841ad-3dc6-4805-a992-a076cc0bd092","block_type":"box","text":"These events have affected and may in the future adversely affect the exchange rate of the euro and may significantly affect European","page_number":104,"box":{"x":45,"y":348,"width":858,"height":11}},{"id":"4242fd9a-c2e4-4192-bf4b-5678a8261485","block_type":"box","text":"countries.","page_number":104,"box":{"x":46,"y":362,"width":62,"height":9}},{"id":"3832f4e3-8feb-45f5-a0d6-c1821418d62d","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":104,"box":{"x":46,"y":385,"width":879,"height":11}},{"id":"a6a80644-a840-42b6-900d-76e34afd3870","block_type":"box","text":"produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended","page_number":104,"box":{"x":46,"y":400,"width":858,"height":10}},{"id":"d59d7de1-7437-4bb4-924f-e1dafeb195e9","block_type":"box","text":"consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":104,"box":{"x":46,"y":414,"width":881,"height":11}},{"id":"6ce49512-3f3e-4421-ae31-e2e83bb94cfc","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or","page_number":104,"box":{"x":46,"y":428,"width":858,"height":11}},{"id":"c42d1530-2d5f-45b6-882c-6b2169c795bb","block_type":"box","text":"withdraw from the EU. The U.K. left the EU (“Brexit”) on January 31, 2020. Brexit could adversely affect European or worldwide political,","page_number":104,"box":{"x":45,"y":442,"width":867,"height":11}},{"id":"58f2fe7f-bfd2-4318-8cdf-2db9285d1224","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":104,"box":{"x":46,"y":456,"width":894,"height":11}},{"id":"1269afd5-ea1c-402f-85ac-e789de7b60c9","block_type":"box","text":"l","page_number":104,"box":{"x":942,"y":456,"width":2,"height":9}},{"id":"77775234-1b5d-4659-bbd0-16bc69949046","block_type":"box","text":"markets.","page_number":104,"box":{"x":46,"y":471,"width":55,"height":8}},{"id":"91493158-4547-4852-a9fe-baf93000c319","block_type":"box","text":"The national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies,","page_number":104,"box":{"x":45,"y":494,"width":881,"height":11}},{"id":"0fc5177d-496f-41c3-8ec5-7d67d0cb017c","block_type":"box","text":"including, for example, secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":104,"box":{"x":46,"y":508,"width":895,"height":11}},{"id":"dcae3b07-68ce-4f52-b13d-3954c3dd6a2a","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":104,"box":{"x":46,"y":522,"width":844,"height":11}},{"id":"e8f50529-3d29-45ef-8094-9018e2ac0d67","block_type":"box","text":"investment losses. The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets. The","page_number":104,"box":{"x":46,"y":536,"width":871,"height":11}},{"id":"cbc3ad08-8129-4353-8f16-2a58554e4695","block_type":"box","text":"impact of these events is not clear but could be significant and far-reaching and could adversely affect the value and liquidity of a Fund’s","page_number":104,"box":{"x":46,"y":550,"width":872,"height":11}},{"id":"37c4ae0c-be11-4e25-8d94-7a21a7d42b8d","block_type":"box","text":"investments.","page_number":104,"box":{"x":46,"y":565,"width":81,"height":8}},{"id":"2b144bc8-bd22-4bdd-b6de-3311b9ec95e9","block_type":"box","text":"Russian Invasion of Ukraine","page_number":104,"box":{"x":46,"y":588,"width":172,"height":8}},{"id":"2a784201-2aea-4a75-9eb8-2784a383d8b1","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":104,"box":{"x":219,"y":588,"width":721,"height":11}},{"id":"990b6172-5648-4d6b-9856-a97027463e84","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":104,"box":{"x":46,"y":602,"width":892,"height":11}},{"id":"3a0e0793-fad2-4b54-8257-20046db7f727","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":104,"box":{"x":46,"y":616,"width":887,"height":11}},{"id":"4220cfb3-6d34-4f50-9274-fdc6623d3340","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":104,"box":{"x":46,"y":630,"width":886,"height":11}},{"id":"28605785-98c8-4b27-b081-70b774a722ba","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":104,"box":{"x":46,"y":645,"width":894,"height":10}},{"id":"bd25b1b2-edbd-4743-accf-bed0ecdc7803","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":104,"box":{"x":46,"y":659,"width":891,"height":11}},{"id":"321b931e-bca5-4010-81dc-6ecdc4263731","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":104,"box":{"x":45,"y":673,"width":885,"height":11}},{"id":"3d95d5f1-7b6b-4eeb-b53d-813921ef57a3","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":104,"box":{"x":46,"y":687,"width":891,"height":11}},{"id":"bfd3fef4-e3a0-4733-8e70-92783db68181","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":104,"box":{"x":46,"y":701,"width":431,"height":11}},{"id":"3bd0f77d-bbf0-4265-913d-d12fd7b26c61","block_type":"box","text":"Financial Companies Risk.","page_number":104,"box":{"x":46,"y":724,"width":180,"height":11}},{"id":"15d4b785-4338-4c6a-8624-28d6b0be2017","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":104,"box":{"x":232,"y":725,"width":690,"height":10}},{"id":"ceb63b44-e7b8-4474-b021-23e7ff5723dc","block_type":"box","text":"change frequently and may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":104,"box":{"x":46,"y":739,"width":892,"height":10}},{"id":"853a60aa-24b3-425c-a02a-693d1cb30fba","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by,","page_number":104,"box":{"x":46,"y":753,"width":891,"height":11}},{"id":"062acd9f-642a-49fe-ad58-ab33dea2c69b","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":104,"box":{"x":46,"y":767,"width":887,"height":11}},{"id":"e82870ee-9140-48c2-bcd5-212e9d75546c","block_type":"box","text":"Increased risk-taking by financial companies may result in greater overall risk in the global financial sector. Certain events may cause an","page_number":104,"box":{"x":46,"y":781,"width":871,"height":11}},{"id":"4ed8dd71-1e05-41d8-b10c-bb943e76f0b9","block_type":"box","text":"unusually high degree of volatility in financial markets and pose the risk of large losses for financial services companies.","page_number":104,"box":{"x":46,"y":795,"width":767,"height":11}},{"id":"d790844c-8abe-49b7-91ae-f5d81914e982","block_type":"box","text":"Financial companies frequently operate with substantial financial leverage and are exposed directly to the credit risk of their borrowers and","page_number":104,"box":{"x":46,"y":819,"width":891,"height":10}},{"id":"7700151a-c811-4a13-9721-835b5ab21652","block_type":"box","text":"counterparties, which also may be leveraged to an unknown degree. Financial companies may have significant exposure to the same","page_number":104,"box":{"x":46,"y":833,"width":848,"height":11}},{"id":"89915ce6-c277-4104-aae7-3a6892a7bd00","block_type":"box","text":"borrowers and counterparties; as a result, a borrower’s or counterparty’s inability to meet its obligations to one company may affect other","page_number":104,"box":{"x":46,"y":847,"width":884,"height":11}},{"id":"60b61141-5cd5-4608-b535-72e1537ea889","block_type":"box","text":"financial companies with exposure to the same borrower or counterparty. This interconnectedness of risk may result in significant negative","page_number":104,"box":{"x":45,"y":861,"width":889,"height":11}},{"id":"785aeee9-08d4-4b53-a895-a9fd0baab5d9","block_type":"box","text":"impacts to companies with direct exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the","page_number":104,"box":{"x":46,"y":875,"width":856,"height":11}},{"id":"0dc0ab0e-db95-480b-b68d-7b11d12f672b","block_type":"box","text":"financial sector generally.","page_number":104,"box":{"x":45,"y":889,"width":163,"height":11}},{"id":"a260e4cd-734b-4382-bdc8-15d8a46e1e57","block_type":"box","text":"11","page_number":104,"box":{"x":494,"y":944,"width":10,"height":8}},{"id":"c4ca7af0-8e1a-40c1-88e5-54fecb81728a","block_type":"box","text":"Geographic and Security Risks.","page_number":105,"box":{"x":46,"y":46,"width":215,"height":11}},{"id":"79893c61-b460-4e5b-b0a4-2e4a5e1fc84b","block_type":"box","text":"Issuers in a Fund’s portfolio may be located in, or otherwise connected to, parts of the world affected by","page_number":105,"box":{"x":267,"y":46,"width":668,"height":11}},{"id":"021ecf75-f69b-41b4-9bf7-f32456e84b77","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":105,"box":{"x":46,"y":61,"width":884,"height":10}},{"id":"2f244c5b-1176-4b07-a84b-c50cd38b42c4","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other types of conflict,","page_number":105,"box":{"x":46,"y":75,"width":840,"height":11}},{"id":"4221d51f-48c7-47a4-a555-c665c5b35eda","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":105,"box":{"x":46,"y":89,"width":845,"height":11}},{"id":"7eb8b079-3df6-4dd7-be9e-f49bfad9ec86","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":105,"box":{"x":46,"y":103,"width":570,"height":11}},{"id":"0652d74b-3cf8-40b3-92df-1fa9c6c00d80","block_type":"box","text":"Healthcare Companies Risk.","page_number":105,"box":{"x":46,"y":126,"width":194,"height":11}},{"id":"dcf03040-1bcc-4102-bafe-23497f951af0","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":105,"box":{"x":245,"y":126,"width":689,"height":11}},{"id":"36f9527b-192b-41b4-859e-768811f5b76a","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":105,"box":{"x":46,"y":140,"width":879,"height":11}},{"id":"127d123d-d7ac-4d56-aa07-bb0896413d7d","block_type":"box","text":"services, pricing pressure, a limited number of products, labor shortages, supply chain issues and industry innovation. Many new products in","page_number":105,"box":{"x":46,"y":155,"width":899,"height":11}},{"id":"a404b45d-b053-4bf2-a167-5cf0b8213a75","block_type":"box","text":"the healthcare sector entail significant research and development and require regulatory approval, all of which may be long and costly, and","page_number":105,"box":{"x":46,"y":169,"width":888,"height":11}},{"id":"e1318074-2cbd-476d-b098-ee491a04ce94","block_type":"box","text":"such efforts ultimately may be unsuccessful. Many healthcare companies depend heavily on obtaining and defending patents, which can be","page_number":105,"box":{"x":46,"y":183,"width":891,"height":11}},{"id":"f0715216-9778-4ba2-8723-f0bdca1809e0","block_type":"box","text":"costly, and may be adversely affected by the expiration of patents. Healthcare companies also are subject to extensive litigation based on","page_number":105,"box":{"x":46,"y":197,"width":881,"height":11}},{"id":"a0c6877c-993d-4165-acd9-50b5776f0f5e","block_type":"box","text":"product liability and similar claims.","page_number":105,"box":{"x":46,"y":211,"width":221,"height":11}},{"id":"ba2d1aaa-ff86-451c-b8ca-5ccd7dd3fe5d","block_type":"box","text":"Illiquid Investments Risk.","page_number":105,"box":{"x":46,"y":235,"width":175,"height":10}},{"id":"7c404a6c-26ea-4663-9b39-7db63d8ea7eb","block_type":"box","text":"An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current","page_number":105,"box":{"x":226,"y":235,"width":719,"height":10}},{"id":"09be83f4-38d9-4352-b30f-01d2c707e522","block_type":"box","text":"market conditions in seven calendar days or less without significantly changing the market value of the investment. An investment may be","page_number":105,"box":{"x":46,"y":249,"width":883,"height":11}},{"id":"d6f1e537-f4e2-4704-8117-695ef8285823","block_type":"box","text":"illiquid due to, among other things, fewer participants or less capacity to make a market in the investment, the lack of an active market for","page_number":105,"box":{"x":46,"y":263,"width":885,"height":11}},{"id":"c5c9ce7a-b75c-4487-9d22-e2ba8277ae9b","block_type":"box","text":"the investment, capital controls, delays or limits on repatriation of local currency, and the insolvency of local governments. To the extent that","page_number":105,"box":{"x":46,"y":277,"width":902,"height":11}},{"id":"901855f5-5f02-410d-8bc2-cc0c49d3aa32","block_type":"box","text":"a Fund invests in securities or other assets with substantial market and/or credit risk, the Fund will tend to have increased exposure to the","page_number":105,"box":{"x":46,"y":291,"width":890,"height":11}},{"id":"19bc8253-eab1-4e23-a067-97a5b8ec7908","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":105,"box":{"x":46,"y":306,"width":752,"height":10}},{"id":"875cb5bf-fd0e-4813-b9b6-961c6ac14662","block_type":"box","text":"Liquid investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be no assurance","page_number":105,"box":{"x":47,"y":329,"width":884,"height":11}},{"id":"d2075a41-a243-4f72-bc66-df226fe1992c","block_type":"box","text":"that a security or other asset that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by a Fund, and any","page_number":105,"box":{"x":46,"y":343,"width":900,"height":11}},{"id":"100f88cb-835d-46e0-98e2-37e997ec9d2e","block_type":"box","text":"security or other asset held by a Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program.","page_number":105,"box":{"x":46,"y":357,"width":866,"height":11}},{"id":"31034bb1-dcd0-4e0c-9156-61c25bbd6cb1","block_type":"box","text":"Holdings of illiquid investments may reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices. If","page_number":105,"box":{"x":46,"y":380,"width":901,"height":11}},{"id":"3ab0684e-1fbc-43a0-8220-c096759d15b3","block_type":"box","text":"a Fund is forced to sell underlying investments at reduced prices or under unfavorable conditions to meet redemption requests or for other","page_number":105,"box":{"x":46,"y":394,"width":889,"height":11}},{"id":"3a50a08a-a821-461b-9485-b2c7e5beed9b","block_type":"box","text":"cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other circumstances where","page_number":105,"box":{"x":46,"y":409,"width":828,"height":10}},{"id":"e132cc9c-f31a-4d78-97e0-5003b9eec938","block_type":"box","text":"redemptions of Fund shares may be greater than normal. If other market participants attempt to liquidate holdings at the same time as a","page_number":105,"box":{"x":46,"y":423,"width":874,"height":11}},{"id":"dc70d495-4d4b-4142-a84c-e1dddd226176","block_type":"box","text":"Fund, this will lead to an increased supply of the Fund’s underlying investments in the market and contribute to greater illiquid investments","page_number":105,"box":{"x":46,"y":437,"width":888,"height":11}},{"id":"a232b7d0-4bfe-459a-ad82-449ae1800ca0","block_type":"box","text":"risk and downward pricing pressure. In addition, if a Fund is limited in its ability to sell illiquid investments during periods when shareholders","page_number":105,"box":{"x":46,"y":451,"width":897,"height":11}},{"id":"b07a40be-99bc-4901-a19e-4e365e7e6bc6","block_type":"box","text":"are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests, and illiquid securities will become a","page_number":105,"box":{"x":46,"y":465,"width":869,"height":11}},{"id":"fec0c1f2-096d-4970-b31f-80eb9b8a5f9a","block_type":"box","text":"larger portion of the Fund’s holdings. During periods of market volatility, liquidity in the market for a Fund’s shares may be impacted by the","page_number":105,"box":{"x":46,"y":480,"width":887,"height":10}},{"id":"72edd7e8-db84-4932-af6f-c9098bcb5cff","block_type":"box","text":"liquidity in the market for the underlying securities or other assets held by the Fund, which could lead to the Fund’s shares trading at a","page_number":105,"box":{"x":46,"y":494,"width":858,"height":11}},{"id":"50c60e8e-2d0d-4675-96d5-69106ceb8b7b","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":105,"box":{"x":46,"y":508,"width":253,"height":11}},{"id":"965d26aa-e932-419f-b5ea-8f19f18cd498","block_type":"box","text":"Index-Related Risk.","page_number":105,"box":{"x":46,"y":531,"width":133,"height":9}},{"id":"95f6b09f-0d67-42fb-b3d2-b232471b122b","block_type":"box","text":"A Fund that tracks an Underlying Index seeks to achieve a return that corresponds generally to the price and yield","page_number":105,"box":{"x":184,"y":531,"width":727,"height":11}},{"id":"d5e0ccd8-da66-4b51-a574-71477e657deb","block_type":"box","text":"performance, before fees and expenses, of its Underlying Index as published by the Index Provider. There is no assurance that the Index","page_number":105,"box":{"x":46,"y":545,"width":869,"height":11}},{"id":"dfc2a047-3e14-46e5-a876-c39e69254be3","block_type":"box","text":"Provider or its agents will construct or calculate the Underlying Index accurately. While the Index Provider describes what the Underlying","page_number":105,"box":{"x":46,"y":560,"width":873,"height":10}},{"id":"d65d42e1-7b69-420e-96a0-9e6498c52157","block_type":"box","text":"Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability regarding the quality,","page_number":105,"box":{"x":46,"y":574,"width":863,"height":10}},{"id":"3c703053-d239-4c24-bd62-45a4a1f23764","block_type":"box","text":"accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with","page_number":105,"box":{"x":46,"y":588,"width":897,"height":11}},{"id":"98125ca2-c344-417a-a847-5636b56d0171","block_type":"box","text":"the Index Provider’s methodology. BFA also does not provide any warranty or guarantee against the Index Provider’s or any agent’s errors.","page_number":105,"box":{"x":46,"y":602,"width":881,"height":11}},{"id":"a47c5f97-8442-4691-95e2-19b4cdc23017","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including","page_number":105,"box":{"x":45,"y":625,"width":852,"height":11}},{"id":"02526eb0-8f6f-4c9b-b7af-7aae242ada5f","block_type":"box","text":"information that may be based on assumptions and estimates. Neither a Fund nor BFA can offer assurances that the Index Provider’s","page_number":105,"box":{"x":46,"y":639,"width":849,"height":11}},{"id":"059d7f69-b89d-4867-a220-3aa5c24f0bed","block_type":"box","text":"methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its","page_number":105,"box":{"x":46,"y":654,"width":877,"height":10}},{"id":"58677200-d1ad-4ed2-9937-6d6c18f0232b","block_type":"box","text":"investment objective. Errors in index data, index computations or the construction of an Underlying Index in accordance with its methodology","page_number":105,"box":{"x":46,"y":668,"width":906,"height":11}},{"id":"332b7da8-eeba-4374-8e9c-dcdd0889fd2e","block_type":"box","text":"may occur, and the Index Provider may not identify or correct them promptly or at all, particularly for indexes that are less commonly used as","page_number":105,"box":{"x":46,"y":682,"width":903,"height":11}},{"id":"94073e96-3395-48d5-b6f2-1158f2781fa2","block_type":"box","text":"benchmarks. In addition, there may be heightened risks associated with the adequacy and reliability of information about emerging markets","page_number":105,"box":{"x":46,"y":696,"width":894,"height":11}},{"id":"eeee422d-0e32-4c19-81fc-159534368f80","block_type":"box","text":"constituents, as such markets may have less information available or less regulatory oversight. Errors related to an Underlying Index may","page_number":105,"box":{"x":46,"y":710,"width":877,"height":11}},{"id":"df44cc21-c198-4b41-8240-75d2cf1aa9eb","block_type":"box","text":"negatively or positively impact a Fund and its shareholders. For example, if the Underlying Index contains incorrect constituents, the Fund","page_number":105,"box":{"x":46,"y":724,"width":881,"height":11}},{"id":"65e75c6d-3c6d-4e9c-8e95-0a53341551d6","block_type":"box","text":"will have exposure to such constituents and will be underexposed to the Underlying Index’s other constituents. Shareholders should","page_number":105,"box":{"x":45,"y":739,"width":845,"height":10}},{"id":"d07e3b7e-3c5a-478b-a3a1-8743806a8613","block_type":"box","text":"understand that any gains from an Index Provider’s errors will be kept by the Fund and its shareholders and any losses or costs from such","page_number":105,"box":{"x":46,"y":753,"width":879,"height":11}},{"id":"6f688192-54a5-472f-bc19-45348326f4c6","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":105,"box":{"x":46,"y":767,"width":340,"height":11}},{"id":"b808abb1-0451-423f-834d-c2402fd02f7c","block_type":"box","text":"Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact an Index","page_number":105,"box":{"x":46,"y":790,"width":858,"height":11}},{"id":"b5ae05bf-eeab-40c9-bae6-010fca45c742","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance to an Underlying Index. This","page_number":105,"box":{"x":46,"y":804,"width":880,"height":11}},{"id":"d2ebfe12-da95-4efa-adc2-d955a216be39","block_type":"box","text":"could cause the Underlying Index to vary from its normal or expected composition. If a scheduled rebalance is postponed, index constituents","page_number":105,"box":{"x":46,"y":819,"width":901,"height":10}},{"id":"c2be58da-ad9f-4d6d-90f2-89ee2dfe82da","block_type":"box","text":"that would otherwise be removed at the rebalance (due to, for example, changes in market capitalization or issuer credit ratings) may remain,","page_number":105,"box":{"x":46,"y":833,"width":905,"height":11}},{"id":"c8da42e4-e8c7-4831-a8cd-d67082b98660","block_type":"box","text":"causing the performance and constituents of the Underlying Index to vary from those expected under normal conditions. In addition, to the","page_number":105,"box":{"x":46,"y":847,"width":889,"height":11}},{"id":"d0b89b46-f9c3-4c95-805d-b0367180e1c8","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":105,"box":{"x":46,"y":861,"width":890,"height":11}},{"id":"319cd8b5-f0cd-4786-86dd-bf3b84c44a18","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":105,"box":{"x":46,"y":875,"width":722,"height":11}},{"id":"2a855e22-35b3-4020-8c34-e44f98cb58dc","block_type":"box","text":"12","page_number":105,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"df1cd1b3-3691-4db5-ab63-c0a89ec1d121","block_type":"box","text":"In addition to scheduled rebalances, an Index Provider or its agents may carry out ad hoc index rebalances due to reaching certain weighting","page_number":106,"box":{"x":46,"y":46,"width":899,"height":11}},{"id":"e0e47a8b-e6bc-4314-a125-c16bd419f905","block_type":"box","text":"constraints, unusual market conditions, corporate events, or corrections of errors. The relevant Fund will in turn rebalance its portfolio to","page_number":106,"box":{"x":46,"y":61,"width":876,"height":10}},{"id":"846df6f7-97ce-4ba5-bdc8-fea732515a07","block_type":"box","text":"attempt to increase the correlation between the portfolio and the Underlying Index. The Fund and its shareholders will directly bear any","page_number":106,"box":{"x":46,"y":75,"width":865,"height":11}},{"id":"fc4a75da-f4e0-490e-8fc6-4c6f6b7578bf","block_type":"box","text":"transaction costs and market exposure from such portfolio rebalancing. Therefore, index-related errors and ad hoc rebalances may increase","page_number":106,"box":{"x":46,"y":89,"width":896,"height":11}},{"id":"d4727d8e-fd92-43bd-a900-62ff8562fd71","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":106,"box":{"x":46,"y":103,"width":213,"height":11}},{"id":"06a28cc7-85db-421d-b9d9-238c78af2326","block_type":"box","text":"Industrial Companies Risk.","page_number":106,"box":{"x":46,"y":126,"width":185,"height":11}},{"id":"c01c0992-e270-47ca-ac51-7babf244ca8a","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":106,"box":{"x":237,"y":126,"width":673,"height":11}},{"id":"9c5f4f30-3d47-483f-b70b-690c6973b15e","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":106,"box":{"x":46,"y":140,"width":889,"height":11}},{"id":"d5fc1e36-deb7-4adf-9c9f-0472d7da915e","block_type":"box","text":"materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The products of","page_number":106,"box":{"x":46,"y":155,"width":878,"height":11}},{"id":"ac783074-6382-41b7-a802-14c5cce29e4c","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":106,"box":{"x":46,"y":169,"width":872,"height":11}},{"id":"18e1b51d-85f8-4d4b-9485-4265297286d6","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":106,"box":{"x":46,"y":183,"width":902,"height":11}},{"id":"a6a299e8-7b2d-459f-85d4-d41ba77dac5a","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":106,"box":{"x":46,"y":197,"width":871,"height":11}},{"id":"3927d944-b64d-4c4e-94f5-68d92ea37569","block_type":"box","text":"Industrial companies may depend on public or private sector financing, which may become difficult to obtain due to government spending","page_number":106,"box":{"x":46,"y":211,"width":881,"height":11}},{"id":"784edf9a-d6ff-4695-baa2-5a16e46fb89f","block_type":"box","text":"constraints or reduced availability of capital. Such companies may be unable to protect their intellectual property rights or may be liable for","page_number":106,"box":{"x":46,"y":226,"width":892,"height":10}},{"id":"995da911-efaa-4959-bd4e-e659d344aaff","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":106,"box":{"x":46,"y":240,"width":322,"height":11}},{"id":"4119758b-42d0-475a-aeae-32ca139fe22e","block_type":"box","text":"Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by","page_number":106,"box":{"x":46,"y":263,"width":900,"height":11}},{"id":"c8898dbd-abae-4505-93b1-107aaad162a9","block_type":"box","text":"climate transition risks. There may be increased impact on a Fund’s performance to the extent that its investments are concentrated in","page_number":106,"box":{"x":46,"y":277,"width":864,"height":11}},{"id":"9e7efc1a-ce89-46e1-a056-127309f04de0","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":106,"box":{"x":46,"y":291,"width":403,"height":11}},{"id":"4d681312-617c-4043-9e97-cd9d04c0529d","block_type":"box","text":"Infrastructure Companies Risk.","page_number":106,"box":{"x":46,"y":314,"width":216,"height":11}},{"id":"c2f70a32-33bc-4d67-9c28-44e6888eddd4","block_type":"box","text":"Companies involved in infrastructure or infrastructure-related activities face a number of risks, including","page_number":106,"box":{"x":267,"y":315,"width":668,"height":10}},{"id":"9272d920-6559-46bb-95da-4c7ae5d4f535","block_type":"box","text":"supply chain and distribution disruptions, business interruptions, third-party vendor risks, cyber or other attacks, trade disputes, scarcity of","page_number":106,"box":{"x":46,"y":329,"width":891,"height":11}},{"id":"2b17dd51-caf6-483d-b552-ec68a6b8ac55","block_type":"box","text":"materials or parts, excess capacity, and volatility in commodity prices and currencies. Changes in trade restrictions and tariffs as well as","page_number":106,"box":{"x":46,"y":343,"width":872,"height":11}},{"id":"fc3dd98a-f8e9-4edf-8f36-40b37dbdd074","block_type":"box","text":"broader geopolitical developments could adversely affect infrastructure companies. These companies also may be significantly affected by","page_number":106,"box":{"x":46,"y":357,"width":887,"height":11}},{"id":"e1fea98a-6267-431f-8b59-09d77dda7797","block_type":"box","text":"domestic and international economic conditions, legislative and regulatory changes, labor relations, technological developments, extreme","page_number":106,"box":{"x":46,"y":371,"width":882,"height":11}},{"id":"d1cc6d80-9956-4dde-91a0-52a60f23e9cf","block_type":"box","text":"weather or other catastrophic events. Some infrastructure companies may rely heavily on government contracts or other forms of public","page_number":106,"box":{"x":45,"y":385,"width":874,"height":11}},{"id":"291971bd-8600-4f74-a130-672e24df2824","block_type":"box","text":"sector financing and thus are subject to heightened political risks, including reduced government spending or changes in policy priorities.","page_number":106,"box":{"x":46,"y":400,"width":878,"height":10}},{"id":"b817a463-6807-4cd3-95ea-4cc7ef7df865","block_type":"box","text":"Certain companies are subject to extensive government regulation and may incur significant compliance costs. They also may face the risk of","page_number":106,"box":{"x":46,"y":414,"width":905,"height":11}},{"id":"7a366acf-647e-4b17-9a96-41f0f2e032c5","block_type":"box","text":"liability for environmental damage or infrastructure failures.","page_number":106,"box":{"x":46,"y":428,"width":380,"height":11}},{"id":"c1af0928-4835-4fae-8b59-97a7c3d688f4","block_type":"box","text":"Issuer Risk.","page_number":106,"box":{"x":46,"y":451,"width":80,"height":9}},{"id":"e9a39c5c-c6b4-4224-97ad-32facf20a74c","block_type":"box","text":"The performance of a Fund depends on the performance of individual securities or other assets to which the Fund has","page_number":106,"box":{"x":131,"y":451,"width":755,"height":11}},{"id":"3f1ba947-3570-4edb-bbc1-3d7a916f39c8","block_type":"box","text":"exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the","page_number":106,"box":{"x":46,"y":465,"width":861,"height":11}},{"id":"e6f5132e-037b-4410-b21d-8c251b3cef1a","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":106,"box":{"x":45,"y":480,"width":406,"height":10}},{"id":"a14bb65b-1504-4eb6-bd19-60bfea214caa","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":106,"box":{"x":46,"y":503,"width":257,"height":11}},{"id":"257989a1-741a-4733-ae25-5d8603f6952f","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":106,"box":{"x":309,"y":503,"width":631,"height":11}},{"id":"ed371a33-89e8-4b27-b51a-59926525a98e","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":106,"box":{"x":46,"y":517,"width":881,"height":11}},{"id":"e6102e82-869c-4789-8544-cb003bd3b798","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":106,"box":{"x":46,"y":531,"width":890,"height":11}},{"id":"c01c15b9-e0de-440e-9643-e5f3b5a0211c","block_type":"box","text":"performance of the broader securities markets.","page_number":106,"box":{"x":46,"y":545,"width":302,"height":11}},{"id":"224f3265-719f-4bc6-9a60-bf699387427e","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":106,"box":{"x":46,"y":568,"width":369,"height":11}},{"id":"77d0da59-750d-4d4a-9606-d5f66f5867f2","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":106,"box":{"x":420,"y":568,"width":517,"height":11}},{"id":"7b5ecee9-9fb6-4f98-8971-0532cbf7985a","block_type":"box","text":"investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a","page_number":106,"box":{"x":46,"y":583,"width":875,"height":11}},{"id":"030bc990-36f2-4a43-a82a-190db520ba80","block_type":"box","text":"substantial amount of Fund shares or may hold their investment in the Fund for a limited period of time. These shareholders may also pledge","page_number":106,"box":{"x":46,"y":597,"width":899,"height":11}},{"id":"a122f500-17ac-4b21-b764-ff41f02604b0","block_type":"box","text":"or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There can be","page_number":106,"box":{"x":46,"y":611,"width":900,"height":11}},{"id":"2fa5a8da-4f38-4ce4-9ec3-8fa48d77abbf","block_type":"box","text":"no assurance that any large shareholder or large group of shareholders would not redeem their investment or that the size of a Fund would","page_number":106,"box":{"x":46,"y":625,"width":887,"height":11}},{"id":"84776477-b77f-4887-9190-6f9128d72430","block_type":"box","text":"be maintained. Redemptions of a large number of Fund shares may adversely affect a Fund’s liquidity and net assets. To the extent a Fund","page_number":106,"box":{"x":46,"y":639,"width":882,"height":11}},{"id":"fe753904-e802-455c-a400-2033201af517","block_type":"box","text":"permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities or other assets when it might not otherwise","page_number":106,"box":{"x":46,"y":654,"width":888,"height":10}},{"id":"6025c2c6-b5a2-413a-b4ae-9e67769d4173","block_type":"box","text":"do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of Fund shares, increase the Fund’s brokerage","page_number":106,"box":{"x":46,"y":668,"width":905,"height":11}},{"id":"f0a1814c-0c1c-40a4-84bf-4855b46cbb19","block_type":"box","text":"costs, accelerate the realization of taxable income and/or capital gains, and cause the Fund to make taxable distributions to its shareholders","page_number":106,"box":{"x":46,"y":682,"width":903,"height":11}},{"id":"43806ec1-5c0f-4a1c-bf79-53bbf0053706","block_type":"box","text":"earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as","page_number":106,"box":{"x":46,"y":696,"width":854,"height":11}},{"id":"a002b194-26ed-4314-abad-dea132ff7a8e","block_type":"box","text":"receiving a disproportionately large taxable distribution during or with respect to such tax year. A Fund also may be required to sell its more","page_number":106,"box":{"x":46,"y":710,"width":892,"height":11}},{"id":"1ef44dfb-4eea-4260-9e10-2628d358eddd","block_type":"box","text":"liquid investments to meet a large redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult","page_number":106,"box":{"x":46,"y":724,"width":902,"height":11}},{"id":"67f3adb7-3eb4-4ce7-9e4a-2af3e2a4676e","block_type":"box","text":"to price.","page_number":106,"box":{"x":46,"y":739,"width":51,"height":10}},{"id":"e9dcb62d-2983-4f6b-8f5b-7aa7b30fb3ae","block_type":"box","text":"To the extent these large shareholders transact in Fund shares on the secondary market, such transactions may account for a large","page_number":106,"box":{"x":45,"y":762,"width":841,"height":11}},{"id":"d2ae3a3e-0ca1-46c6-8c95-f5e949fbe17d","block_type":"box","text":"percentage of the trading volume for Fund shares and may, therefore, have a material upward or downward effect on the market price of the","page_number":106,"box":{"x":46,"y":776,"width":898,"height":11}},{"id":"40b80a5b-44ce-4f15-b2ae-3740b67adc4a","block_type":"box","text":"shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in","page_number":106,"box":{"x":46,"y":790,"width":878,"height":11}},{"id":"2b62fb25-d7fc-4879-81fc-2a23715a3347","block_type":"box","text":"investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.","page_number":106,"box":{"x":46,"y":804,"width":792,"height":11}},{"id":"e060f54c-9aad-4778-b0dc-d10791790ad8","block_type":"box","text":"Latin American Economic Risk.","page_number":106,"box":{"x":46,"y":828,"width":213,"height":8}},{"id":"7c05bf82-3502-4e86-a55f-9f108e320d67","block_type":"box","text":"The economies of certain Latin American countries have experienced high interest and inflation rates,","page_number":106,"box":{"x":264,"y":828,"width":652,"height":10}},{"id":"1c761532-9069-4c32-a482-6cf4c17ff345","block_type":"box","text":"economic volatility, currency devaluations, regime changes, government defaults and high unemployment rates. In addition, commodities","page_number":106,"box":{"x":46,"y":842,"width":879,"height":11}},{"id":"c223b2e9-cff4-448c-8886-cb23761a713d","block_type":"box","text":"(such as oil, gas and minerals) represent a significant percentage of the region’s exports, and many economies in this region are particularly","page_number":106,"box":{"x":46,"y":856,"width":896,"height":11}},{"id":"5f65b2f1-dee5-4061-9cf9-2d3641ed73f0","block_type":"box","text":"sensitive to fluctuations in commodity prices. The economies of Latin American countries are heavily dependent on trading relationships with","page_number":106,"box":{"x":46,"y":870,"width":903,"height":11}},{"id":"7f233851-1976-43bc-9615-4d994683b1f5","block_type":"box","text":"key trading partners, including the U.S., Europe, Asia and other Latin American countries. Adverse economic events in one country may have","page_number":106,"box":{"x":46,"y":884,"width":900,"height":11}},{"id":"003ed5bd-f1ed-480b-b591-9b7be952dcd1","block_type":"box","text":"a significant adverse effect on other countries of this region. In addition, in the past, certain Latin American economies have been influenced","page_number":106,"box":{"x":46,"y":898,"width":899,"height":11}},{"id":"a9096623-da44-4a13-ba30-1f2a89e2d0d9","block_type":"box","text":"13","page_number":106,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"9068ac25-5c9b-4656-bf4b-b78fca26ad43","block_type":"box","text":"by changing supply and demand for a particular currency, monetary policies of governments (including exchange control programs,","page_number":107,"box":{"x":46,"y":46,"width":839,"height":11}},{"id":"93b9bc30-1f10-4ef2-9fa3-baa645c9f719","block_type":"box","text":"restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in","page_number":107,"box":{"x":46,"y":61,"width":884,"height":10}},{"id":"c3bb3162-2ad4-4149-bac5-3d295d1e76a7","block_type":"box","text":"other countries), and currency devaluations and revaluations. For example, the government of Brazil imposes a tax on foreign investment in","page_number":107,"box":{"x":46,"y":75,"width":891,"height":11}},{"id":"8017d9ad-6cf2-42ed-af83-ec352b3bf196","block_type":"box","text":"Brazilian stocks and bonds, which may affect the value of the Fund’s investments in the securities of Brazilian issuers.","page_number":107,"box":{"x":47,"y":89,"width":751,"height":11}},{"id":"80a76e99-08ed-4e3c-885e-6020e2d3aeb8","block_type":"box","text":"Structural Risk.","page_number":107,"box":{"x":63,"y":107,"width":93,"height":8}},{"id":"fbbf5abe-026c-4a4a-a5b3-799a0274f56c","block_type":"box","text":"Certain Latin American countries are subject to a considerable degree of economic, political and social instability, which","page_number":107,"box":{"x":163,"y":107,"width":768,"height":11}},{"id":"c6a68273-007d-478f-b1ac-aff3344c0a2a","block_type":"box","text":"could adversely affect investments in the Fund.","page_number":107,"box":{"x":63,"y":121,"width":301,"height":11}},{"id":"69bc5c80-c3d0-4be4-87f7-85986cf0ef22","block_type":"box","text":"Economic Risk.","page_number":107,"box":{"x":62,"y":139,"width":94,"height":9}},{"id":"53e63e61-1c36-406c-afcf-27b2f135e5a9","block_type":"box","text":"Certain Latin American countries have experienced economic instability resulting from periods of high inflation and","page_number":107,"box":{"x":163,"y":139,"width":735,"height":11}},{"id":"4ec97935-1c05-4fc4-aaed-a469816efce7","block_type":"box","text":"currency devaluations.","page_number":107,"box":{"x":63,"y":153,"width":143,"height":11}},{"id":"dbfe24bf-5652-41af-864f-94afd22c2f7c","block_type":"box","text":"Political and Social Risk.","page_number":107,"box":{"x":62,"y":171,"width":151,"height":9}},{"id":"55ddd7b4-9365-47c1-b9ba-89eefb714fdd","block_type":"box","text":"Certain Latin American countries have experienced periods of instability and social unrest in the past. For","page_number":107,"box":{"x":219,"y":171,"width":676,"height":11}},{"id":"93e07d0d-261a-4b34-bb6a-f3747f85bda5","block_type":"box","text":"example, Mexico has been destabilized by local insurrections, social upheavals and drug related violence. Disparities of wealth, the pace","page_number":107,"box":{"x":63,"y":186,"width":872,"height":10}},{"id":"213b91d4-6e86-41d6-b189-9f6028da0961","block_type":"box","text":"and success of democratization and capital market development and ethnic, religious and racial disaffection may exacerbate social unrest,","page_number":107,"box":{"x":63,"y":200,"width":887,"height":11}},{"id":"d3b881b5-c4c1-4753-b1f0-7a5ae0ad3daa","block_type":"box","text":"violence and labor unrest in a number of Latin American countries. Certain Latin American countries experience significant unemployment","page_number":107,"box":{"x":62,"y":214,"width":886,"height":11}},{"id":"380941ba-842f-48ee-9b08-69a9f186cfb2","block_type":"box","text":"in certain regions, as well as widespread underemployment.","page_number":107,"box":{"x":63,"y":228,"width":382,"height":11}},{"id":"70798802-7198-4ee9-9f44-9dbd4518d56d","block_type":"box","text":"Lithium Mining and Production Companies Risk.","page_number":107,"box":{"x":46,"y":251,"width":333,"height":11}},{"id":"892219d4-c508-4f04-bf87-95751d4062ce","block_type":"box","text":"Companies involved in the mining and/or production of lithium may be adversely","page_number":107,"box":{"x":385,"y":251,"width":519,"height":11}},{"id":"5fc025df-6aba-4744-91e7-a7056a427dc6","block_type":"box","text":"affected by commodity price volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased","page_number":107,"box":{"x":46,"y":266,"width":859,"height":10}},{"id":"548d56bf-4bf2-4590-95d2-4d8db2f4e98a","block_type":"box","text":"competition, events related to energy conservation, the success of exploration projects, price fluctuations of traditional and alternative","page_number":107,"box":{"x":46,"y":280,"width":864,"height":11}},{"id":"064e72fd-fb09-4b04-91df-b6b959212952","block_type":"box","text":"sources of energy, developments in battery and alternative energy technology, the possibility that government subsidies for alternative","page_number":107,"box":{"x":46,"y":294,"width":862,"height":11}},{"id":"9578ef73-a120-4907-b29b-0177897ced9a","block_type":"box","text":"energy will be eliminated, the possibility that lithium-ion technology is not suitable for widespread adoption, depletion of resources, technical","page_number":107,"box":{"x":46,"y":308,"width":902,"height":11}},{"id":"762c667c-5b35-45fe-ac39-08091475b388","block_type":"box","text":"advances, labor relations, over-production, decreases in the demand for materials, litigation and changes in government regulations or","page_number":107,"box":{"x":46,"y":322,"width":861,"height":11}},{"id":"c80e5da1-b409-4521-871a-5d08a751412e","block_type":"box","text":"policies, among other factors. Production of lithium may exceed demand as a result of market imbalances or economic downturns, leading to","page_number":107,"box":{"x":46,"y":336,"width":903,"height":11}},{"id":"6d48ff21-d226-44e4-abef-f9528acdcac3","block_type":"box","text":"poor investment returns. Companies involved in the mining and/or production of lithium are also at risk of liability for environmental damage","page_number":107,"box":{"x":46,"y":351,"width":901,"height":10}},{"id":"93df543b-1efa-4b68-8dfd-f84bf3f6e5ce","block_type":"box","text":"and product liability claims and may incur significant environmental remediation costs in complying with environmental laws. Investments in","page_number":107,"box":{"x":46,"y":365,"width":896,"height":11}},{"id":"978d4a15-6a2f-4f95-a5f5-ab4f9d79ee13","block_type":"box","text":"companies involved in the mining and/or production of lithium may be speculative and may be subject to greater price volatility than","page_number":107,"box":{"x":46,"y":379,"width":849,"height":11}},{"id":"05e329d9-bab5-4e4e-9a46-481f71ceaf96","block_type":"box","text":"investments in other types of companies.","page_number":107,"box":{"x":46,"y":393,"width":263,"height":11}},{"id":"4495ae36-d0b6-4fd6-8b91-f4729f9b46ec","block_type":"box","text":"Management Risk.","page_number":107,"box":{"x":46,"y":416,"width":127,"height":11}},{"id":"5b0d7cd6-3fdb-4b48-b566-07b461ccaa84","block_type":"box","text":"An index Fund invests in securities or other assets included in, or representative of, its Underlying Index, regardless of","page_number":107,"box":{"x":178,"y":416,"width":757,"height":11}},{"id":"197b5959-ab36-4373-bac9-fa2f37634546","block_type":"box","text":"their investment merits. A Fund does not try to “beat” the Underlying Index it tracks. A Fund may be affected by a general decline in market","page_number":107,"box":{"x":46,"y":431,"width":892,"height":10}},{"id":"69a76658-fa8a-4a38-ae43-86ae0480eb96","block_type":"box","text":"segments related to its Underlying Index and does not attempt to take defensive positions under any market conditions, including declining","page_number":107,"box":{"x":46,"y":445,"width":891,"height":11}},{"id":"0357345e-d8dc-4a0c-8ea3-efe856f7c20d","block_type":"box","text":"markets. Market disruptions and regulatory restrictions, among other factors, could have an adverse effect on a Fund’s ability to adjust its","page_number":107,"box":{"x":46,"y":459,"width":883,"height":11}},{"id":"0b7d3c76-0285-4326-a55d-fe0a686eaa01","block_type":"box","text":"exposure to the levels required to closely track its Underlying Index. Because BFA uses a representative sampling indexing strategy to","page_number":107,"box":{"x":46,"y":473,"width":855,"height":11}},{"id":"093da278-0b5e-419a-99bb-fe360c38004e","block_type":"box","text":"manage index Funds, a Fund will not fully replicate its Underlying Index and may purchase and hold instruments not included in the","page_number":107,"box":{"x":46,"y":487,"width":837,"height":11}},{"id":"70529c23-2f10-41b7-95f4-7baab67c3ef2","block_type":"box","text":"Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time. As a","page_number":107,"box":{"x":46,"y":501,"width":890,"height":11}},{"id":"b465ff7a-ccb5-46f1-b6f4-0437bbaf99d1","block_type":"box","text":"result, a Fund is subject to the risk that BFA’s investment strategy, whose implementation is subject to a number of constraints, may not","page_number":107,"box":{"x":46,"y":516,"width":872,"height":10}},{"id":"3c8cf60d-97fd-4891-8d4e-8503be25ee8b","block_type":"box","text":"produce the intended results. There is no guarantee that a Fund’s investment results will have a high degree of correlation to those of its","page_number":107,"box":{"x":46,"y":530,"width":872,"height":11}},{"id":"4a7d07a9-10d2-4a6c-ba4d-71450dbbb613","block_type":"box","text":"Underlying Index or that a Fund will achieve its investment objective.","page_number":107,"box":{"x":46,"y":544,"width":439,"height":11}},{"id":"277a4ae2-6b62-475e-b453-26b822fde2ad","block_type":"box","text":"Market Risk.","page_number":107,"box":{"x":46,"y":567,"width":86,"height":9}},{"id":"c3b619df-8d2e-4e49-aeef-7cac5c9b4283","block_type":"box","text":"A Fund could lose money over short periods due to short-term market movements and over longer periods during more","page_number":107,"box":{"x":137,"y":567,"width":763,"height":11}},{"id":"2c0459a2-ec8b-4390-ba48-0223d5768ace","block_type":"box","text":"prolonged market downturns. The value of a financial instrument or other asset may decline due to changes in general market conditions,","page_number":107,"box":{"x":46,"y":581,"width":879,"height":11}},{"id":"97cd636f-3f86-44f9-80ab-3d9e2d20fab9","block_type":"box","text":"economic trends or events that are not specifically related to the particular instrument or asset, or factors that affect one or more issuers,","page_number":107,"box":{"x":46,"y":596,"width":884,"height":10}},{"id":"7363a4be-9030-4777-8cd0-8c613f49029d","block_type":"box","text":"counterparties, exchanges, countries or other geographic units, markets, industries, or asset classes. Local, regional or global events such as","page_number":107,"box":{"x":46,"y":610,"width":904,"height":11}},{"id":"2d94ee14-f45f-4a9d-b3d1-d1702631c5e7","block_type":"box","text":"war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other","page_number":107,"box":{"x":45,"y":624,"width":858,"height":11}},{"id":"da5cd0c1-5f5b-43b4-911d-3655db326757","block_type":"box","text":"financial crisis, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or","page_number":107,"box":{"x":45,"y":638,"width":869,"height":11}},{"id":"62d561ac-27fa-43cb-bb79-c72d33b6b60d","block_type":"box","text":"discounts to a Fund’s NAV. Changes in market and economic conditions generally do not have the same impact on all types of instruments","page_number":107,"box":{"x":46,"y":652,"width":885,"height":11}},{"id":"d546838e-08dd-4d9c-ae8c-1675ada653ae","block_type":"box","text":"and assets.","page_number":107,"box":{"x":46,"y":667,"width":71,"height":8}},{"id":"4fb358fa-997a-45d6-8d5f-a0dd0034c36e","block_type":"box","text":"Market Trading Risk.","page_number":107,"box":{"x":46,"y":690,"width":141,"height":10}},{"id":"edfb41c3-05c8-448e-a04d-883023b4f512","block_type":"box","text":"A Fund faces numerous market trading risks, any of which may lead to its shares trading in the secondary market at a","page_number":107,"box":{"x":192,"y":690,"width":753,"height":11}},{"id":"950351ff-b2d8-4a72-81fa-73b88ed8575f","block_type":"box","text":"premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price","page_number":107,"box":{"x":46,"y":704,"width":896,"height":11}},{"id":"5a1ef884-933c-4450-b88c-7450bd3f6682","block_type":"box","text":"is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to the NAV, you may pay significantly more or","page_number":107,"box":{"x":46,"y":718,"width":877,"height":11}},{"id":"4613864e-53dc-4233-8e63-9da53c705e51","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":107,"box":{"x":46,"y":732,"width":447,"height":11}},{"id":"6a2d01bd-f414-482b-9cdc-94489a2d6add","block_type":"box","text":"Absence of an Active Primary Market.","page_number":107,"box":{"x":45,"y":755,"width":235,"height":11}},{"id":"8cb063d3-0783-47e1-ac42-4f8c2f2eb087","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":107,"box":{"x":286,"y":755,"width":664,"height":11}},{"id":"359feadd-c89c-4edc-94be-f54349eebc87","block_type":"box","text":"that an active primary trading market for Fund shares will develop or be maintained by market makers or Authorized Participants.","page_number":107,"box":{"x":46,"y":770,"width":826,"height":10}},{"id":"42718c4a-f3a6-4586-811a-1f32b009f3c8","block_type":"box","text":"Secondary Listing Risks.","page_number":107,"box":{"x":46,"y":793,"width":151,"height":11}},{"id":"352d397d-c783-4669-a3e8-cfd332a8ebd8","block_type":"box","text":"A Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange","page_number":107,"box":{"x":203,"y":793,"width":732,"height":11}},{"id":"f3b9f156-2d0d-4253-b369-780a6a8acc88","block_type":"box","text":"where the Fund’s primary listing is maintained. Fund shares also may be available to non-U.S. investors through funds or structured","page_number":107,"box":{"x":45,"y":807,"width":842,"height":11}},{"id":"889eb5a7-64c2-44a1-981a-d330f2754dc7","block_type":"box","text":"investment vehicles similar to depositary receipts. There can be no assurance that a Fund’s shares will continue to trade on any such stock","page_number":107,"box":{"x":46,"y":821,"width":889,"height":11}},{"id":"6f286494-afcb-4879-8910-33bf9b0fe6bc","block_type":"box","text":"exchange or in any market or that a Fund’s shares will continue to meet the requirements for exchange listing or market trading. A Fund’s","page_number":107,"box":{"x":46,"y":835,"width":879,"height":11}},{"id":"445d8042-fed6-47d1-b83f-83a7ea5f21f0","block_type":"box","text":"shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and","page_number":107,"box":{"x":46,"y":850,"width":872,"height":10}},{"id":"2c033e56-5b8e-4d22-b261-e34fe4033639","block_type":"box","text":"market standards of the market where they or their broker direct their trades for execution. Certain information that is available to investors","page_number":107,"box":{"x":46,"y":864,"width":897,"height":11}},{"id":"742abf6b-7ee7-415a-8af2-5cdafc9564e6","block_type":"box","text":"who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other","page_number":107,"box":{"x":45,"y":878,"width":863,"height":11}},{"id":"fe470f15-9e3d-47ec-a70c-05691d8bd914","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":107,"box":{"x":46,"y":892,"width":579,"height":11}},{"id":"fcee7b61-e864-4d83-8b99-e198affa878e","block_type":"box","text":"14","page_number":107,"box":{"x":494,"y":944,"width":12,"height":8}},{"id":"7a0ed1b7-a305-4321-a2c1-5eec6dd3f0b1","block_type":"box","text":"Secondary Market Trading Risk.","page_number":108,"box":{"x":46,"y":46,"width":196,"height":11}},{"id":"8868b167-9130-4911-8c6c-11826d116d9c","block_type":"box","text":"Shares of a Fund may trade in the secondary market at times when the Fund does not accept orders to create","page_number":108,"box":{"x":248,"y":46,"width":703,"height":11}},{"id":"e10cd79f-e3ce-4b8f-970b-b70031fea0b7","block_type":"box","text":"or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts to NAV than might","page_number":108,"box":{"x":46,"y":61,"width":896,"height":10}},{"id":"8e66f0ff-2e60-4a0a-8b48-c8448b0d0ec9","block_type":"box","text":"be experienced at times when the Fund accepts creation and redemption orders. Securities held by a Fund may be traded in markets that","page_number":108,"box":{"x":46,"y":75,"width":880,"height":11}},{"id":"8afde356-bed1-4895-b7de-cf2db6b683cf","block_type":"box","text":"close at a different time than an exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable","page_number":108,"box":{"x":46,"y":89,"width":900,"height":11}},{"id":"b47a295e-09e4-4159-956f-21a1abde4b55","block_type":"box","text":"closing time. As a result, during the time when the exchange is open but after the applicable market closing, fixing or settlement time, there","page_number":108,"box":{"x":46,"y":103,"width":893,"height":11}},{"id":"f63c91ec-c6b4-43e5-b16f-dffb94ea4776","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":108,"box":{"x":46,"y":117,"width":581,"height":11}},{"id":"f501a6f4-5651-4fa4-833f-59df484c531e","block_type":"box","text":"In stressed market conditions, the market for a Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for","page_number":108,"box":{"x":46,"y":140,"width":901,"height":11}},{"id":"9e6a9b4b-76dd-42f3-8c88-f9b855a643f9","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":108,"box":{"x":46,"y":155,"width":547,"height":11}},{"id":"b79701cd-b77e-4771-b9e7-146db4a6fd50","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for other reasons. In times of","page_number":108,"box":{"x":46,"y":178,"width":894,"height":11}},{"id":"2cfd23cb-2a18-44ae-b656-b0ea9ed8b4e3","block_type":"box","text":"extraordinary market volatility, Fund shares may be subject to trading halts pursuant to “circuit breaker” rules of a stock exchange or market.","page_number":108,"box":{"x":46,"y":192,"width":904,"height":11}},{"id":"ece09472-c32e-4d62-a39f-a3bd81205dc9","block_type":"box","text":"If there is a trading halt or unanticipated closure of an exchange or market, an investor may be unable to purchase or sell Fund shares. In","page_number":108,"box":{"x":46,"y":206,"width":875,"height":11}},{"id":"3113c26e-ee38-40c4-97b6-75c19de0f4ab","block_type":"box","text":"addition, if trading in certain securities or financial instruments is restricted, this may disrupt a Fund’s creation/redemption process, affect","page_number":108,"box":{"x":46,"y":220,"width":889,"height":11}},{"id":"cfaed1b1-b52a-457f-9b63-8299d82a1cbd","block_type":"box","text":"the price at which Fund shares trade in the secondary market, and result in a Fund being unable to trade certain securities or financial","page_number":108,"box":{"x":46,"y":235,"width":856,"height":10}},{"id":"47f115fc-f8d7-4e1b-b394-297341e14c78","block_type":"box","text":"instruments. In such circumstances, a Fund may be unable to rebalance its portfolio or accurately price its portfolio holdings and may incur","page_number":108,"box":{"x":46,"y":249,"width":891,"height":11}},{"id":"d57d756d-358d-48dd-bce1-8664dd2ff4e5","block_type":"box","text":"substantial trading losses.","page_number":108,"box":{"x":46,"y":263,"width":166,"height":11}},{"id":"ca69e426-e8ae-4861-81d9-527099655466","block_type":"box","text":"Shares of a Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of","page_number":108,"box":{"x":46,"y":286,"width":873,"height":11}},{"id":"db453acc-45f4-4a42-ba50-78f863898c52","block_type":"box","text":"increased volatility and price decreases associated with being sold short. In addition, trading activity in derivative products based on a Fund","page_number":108,"box":{"x":46,"y":300,"width":893,"height":11}},{"id":"94ee8f5f-86b9-4909-9d01-2e6bde6f25d5","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":108,"box":{"x":46,"y":315,"width":657,"height":10}},{"id":"f478cdd0-9dc5-432d-9157-06dcd1797d6e","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":108,"box":{"x":46,"y":338,"width":309,"height":11}},{"id":"33d94b1c-22c3-467a-8acc-69452b709c3f","block_type":"box","text":"V. Shares of a Fund trade on stock exchanges at prices at, above or below the Fund’s most","page_number":108,"box":{"x":355,"y":338,"width":571,"height":11}},{"id":"5999102f-0c6d-45b9-9e75-746b78200180","block_type":"box","text":"recent NAV. A Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s","page_number":108,"box":{"x":46,"y":352,"width":853,"height":11}},{"id":"a957f6fe-b54b-4dc9-8875-17e27193489e","block_type":"box","text":"portfolio holdings. The trading price of a Fund’s shares fluctuates throughout trading hours based on both market supply of and demand for","page_number":108,"box":{"x":46,"y":366,"width":891,"height":11}},{"id":"860d40eb-e276-4dd2-a7aa-33fdad9d0fff","block_type":"box","text":"Fund shares and the underlying value of the Fund’s portfolio holdings or NAV. As a result, the trading prices of a Fund’s shares may deviate","page_number":108,"box":{"x":46,"y":380,"width":886,"height":11}},{"id":"d3d51cea-c1e8-4005-8a52-c6723850d800","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions.","page_number":108,"box":{"x":46,"y":394,"width":795,"height":11}},{"id":"b390757f-604a-4269-be08-e03f6fc24720","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to a","page_number":108,"box":{"x":46,"y":418,"width":887,"height":10}},{"id":"722717dd-8f1a-4d75-91c0-c74de666501e","block_type":"box","text":"Fund’s NAV are not likely to be sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable","page_number":108,"box":{"x":46,"y":432,"width":892,"height":11}},{"id":"c2e5ff8d-cb3e-4ab3-b414-4c346627d215","block_type":"box","text":"discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it more likely that a","page_number":108,"box":{"x":46,"y":446,"width":899,"height":11}},{"id":"e65d7fca-e8ee-4da0-9cae-ad230bd2bf62","block_type":"box","text":"Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to","page_number":108,"box":{"x":46,"y":460,"width":899,"height":11}},{"id":"e7695be3-6755-4832-bce2-11b767fb0a26","block_type":"box","text":"correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to","page_number":108,"box":{"x":46,"y":474,"width":878,"height":11}},{"id":"73153830-cee1-4f24-92c2-f15b9c37be03","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":108,"box":{"x":46,"y":489,"width":902,"height":10}},{"id":"e2f0854e-1557-42e9-a1f4-887e80af9539","block_type":"box","text":"of significant market volatility, may result in trading prices for shares of a Fund that differ significantly from its NAV. Authorized Participants","page_number":108,"box":{"x":46,"y":503,"width":890,"height":11}},{"id":"afe57ca9-602c-4115-a14d-2488f421f0cc","block_type":"box","text":"may be less willing to create or redeem a Fund’s shares if there is a lack of an active market for such shares or the Fund’s underlying","page_number":108,"box":{"x":46,"y":517,"width":848,"height":11}},{"id":"e0b390d0-ef10-41d9-9a8a-8ce4fdfee4ac","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":108,"box":{"x":46,"y":531,"width":622,"height":11}},{"id":"7a51b40f-8f03-418d-877a-85749d9ddd4d","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":108,"box":{"x":46,"y":554,"width":245,"height":11}},{"id":"e971166d-9a62-436d-b4ff-ca52ca7abe76","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":108,"box":{"x":298,"y":554,"width":636,"height":11}},{"id":"3eb1dce5-f0a1-4bf9-82a0-bb97a6f0652c","block_type":"box","text":"transactions. When buying or selling Fund shares through a broker, you will likely incur a brokerage commission and other charges. In","page_number":108,"box":{"x":46,"y":569,"width":853,"height":10}},{"id":"35e029ba-38f1-41e5-85b1-eaf4a0d49d25","block_type":"box","text":"addition, you may incur the cost of the “spread,” which is the difference between what investors are willing to pay for Fund shares (the “bid”","page_number":108,"box":{"x":46,"y":583,"width":895,"height":11}},{"id":"1c6ba684-24da-4b51-aec5-6ea8e6f0877b","block_type":"box","text":"price) and the price at which they are willing to sell Fund shares (the “ask” price). The spread varies over time for Fund shares based on","page_number":108,"box":{"x":46,"y":597,"width":865,"height":11}},{"id":"565285f9-22db-465c-afc5-a797774bf9dc","block_type":"box","text":"trading volume and market liquidity. It is generally narrower if a Fund has more trading volume and market liquidity and wider if a Fund has","page_number":108,"box":{"x":46,"y":611,"width":885,"height":11}},{"id":"a6afab3d-22eb-4e3b-8f7d-a8ece7a6c986","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there may be regulatory and","page_number":108,"box":{"x":46,"y":625,"width":892,"height":11}},{"id":"340b976f-c7f3-4754-9ad3-3245fab18a70","block_type":"box","text":"other charges that are incurred as a result of trading activity. Because of the costs inherent in buying or selling Fund shares, frequent trading","page_number":108,"box":{"x":46,"y":639,"width":900,"height":11}},{"id":"fdab6988-2397-4df5-b99e-33de16784c23","block_type":"box","text":"may detract significantly from investment results, and an investment in Fund shares may not be advisable for investors who anticipate","page_number":108,"box":{"x":46,"y":654,"width":858,"height":10}},{"id":"8d46fb2a-32fa-4cc4-a42d-e5bc6304dbe5","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":108,"box":{"x":46,"y":668,"width":418,"height":11}},{"id":"205870f8-124d-4a51-a15a-910d23800fb4","block_type":"box","text":"Materials Companies Risk.","page_number":108,"box":{"x":46,"y":691,"width":183,"height":11}},{"id":"ee264142-d2b6-4ded-843c-a8391c7d0873","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by","page_number":108,"box":{"x":234,"y":691,"width":660,"height":11}},{"id":"cadfaad5-d90f-4992-9e6e-35872b4753cb","block_type":"box","text":"supply-demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social","page_number":108,"box":{"x":46,"y":705,"width":886,"height":11}},{"id":"3afac4f5-d29a-4a85-8e4a-bf182ee2f9d9","block_type":"box","text":"and political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical","page_number":108,"box":{"x":46,"y":719,"width":856,"height":11}},{"id":"c3f702c8-59a6-4992-9d1a-96cee60d641b","block_type":"box","text":"advances, labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for","page_number":108,"box":{"x":46,"y":733,"width":842,"height":11}},{"id":"cd3f20a2-379c-48e0-9bc7-2c868032e9a5","block_type":"box","text":"environmental damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":108,"box":{"x":46,"y":748,"width":772,"height":11}},{"id":"290bf7dc-869b-4ef0-ac3b-af09fbd57af3","block_type":"box","text":"Metaverse Companies Risk.","page_number":108,"box":{"x":46,"y":771,"width":191,"height":11}},{"id":"73faf114-2373-4812-bf5e-9e074c9c68bf","block_type":"box","text":"Companies engaged in Metaverse activities may have limited product lines, markets, financial resources or","page_number":108,"box":{"x":243,"y":771,"width":685,"height":11}},{"id":"add25ba6-5ef7-4d7c-a747-51cbe5856ae0","block_type":"box","text":"personnel and are subject to the risks of changes in business cycles. Securities of these companies, especially smaller, start-up companies,","page_number":108,"box":{"x":46,"y":785,"width":894,"height":11}},{"id":"3dd44568-4dbc-4474-b69b-aac11af42661","block_type":"box","text":"tend to be more volatile than securities of companies that do not rely heavily on technology. Metaverse companies may face intense","page_number":108,"box":{"x":46,"y":799,"width":846,"height":11}},{"id":"90012ade-87ab-45da-925c-3786a9c3bd49","block_type":"box","text":"competition and potentially rapid product obsolescence. These companies rely heavily on intellectual property rights and may be adversely","page_number":108,"box":{"x":46,"y":813,"width":888,"height":11}},{"id":"0f18da3e-f460-46d1-9b7e-48b420c196f1","block_type":"box","text":"affected by loss or impairment of those rights. There can be no assurance that these companies will be able to successfully protect their","page_number":108,"box":{"x":46,"y":828,"width":873,"height":10}},{"id":"29489a59-549f-4824-a58e-5b2b026b60f1","block_type":"box","text":"intellectual property or that their intellectual property rights will be adequate to prevent competitors from developing substantially similar or","page_number":108,"box":{"x":46,"y":842,"width":898,"height":11}},{"id":"bfa54b95-abdc-44a8-9819-6551f1274178","block_type":"box","text":"superior technology. In addition, Metaverse companies can be significantly affected by disruption in service caused by hardware or software","page_number":108,"box":{"x":46,"y":856,"width":896,"height":11}},{"id":"e1c038dc-0617-4987-9e74-ddd4ff2cb9f0","block_type":"box","text":"failure and by cybersecurity attacks. They may also be impacted by privacy concerns and laws, evolving internet regulation and other foreign","page_number":108,"box":{"x":45,"y":870,"width":898,"height":11}},{"id":"90d22dc5-b3e8-42e5-a071-4240f1b7ea59","block_type":"box","text":"or domestic regulations that may limit or otherwise affect the operations of such companies. Companies that initially develop, or benefit from","page_number":108,"box":{"x":46,"y":884,"width":905,"height":11}},{"id":"1e49fe6b-fdc3-44e2-bfaf-f97770312294","block_type":"box","text":"the sale or use of, metaverse products or technologies may not be able to capitalize on such products or technologies. Metaverse companies","page_number":108,"box":{"x":46,"y":898,"width":903,"height":11}},{"id":"44546fc8-43dd-4646-888f-1d5f5199378a","block_type":"box","text":"15","page_number":108,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"3be58ea8-8fea-40ff-8b2d-2b8379e65808","block_type":"box","text":"may also be substantially exposed to the market and business risks of industries or sectors other than the metaverse theme for which they","page_number":109,"box":{"x":46,"y":46,"width":889,"height":11}},{"id":"541e1174-688d-4bbb-900d-dfedecf735ac","block_type":"box","text":"are chosen for the Underlying Index, and the Fund may be adversely affected by negative developments impacting those companies,","page_number":109,"box":{"x":46,"y":61,"width":846,"height":10}},{"id":"3eb41d3a-3a51-45c9-8198-3db53ba74d2b","block_type":"box","text":"industries or sectors. The securities issued by these companies may underperform the securities of other companies that are primarily","page_number":109,"box":{"x":46,"y":75,"width":862,"height":11}},{"id":"e950ff1d-5028-4a4a-a2a6-822ef6394217","block_type":"box","text":"focused on a particular theme. The Fund may invest in a company that currently derives only minimal revenue from metaverse products or","page_number":109,"box":{"x":45,"y":89,"width":885,"height":11}},{"id":"fc8d8994-9e6e-40c4-b87c-f94aa50f39b6","block_type":"box","text":"technologies, and there is no assurance that a company will derive any revenue from such products or technologies in the future. A","page_number":109,"box":{"x":46,"y":103,"width":838,"height":11}},{"id":"a1fa97eb-92f6-4131-8d47-51df79abb93e","block_type":"box","text":"metaverse product or technology may constitute a small portion of a company’s overall business. As a result, the success of such a product","page_number":109,"box":{"x":46,"y":117,"width":894,"height":11}},{"id":"9ca5d7fb-e094-43d0-b43c-ea2e5696c6d5","block_type":"box","text":"or technology may not affect the value of the equity securities issued by the company. The Fund relies on the Index Provider for the","page_number":109,"box":{"x":46,"y":131,"width":838,"height":11}},{"id":"1d3d6dda-62d9-4ee8-8e7f-095f5af28076","block_type":"box","text":"identification of securities for inclusion in the Underlying Index that reflect the metaverse theme, and different index providers or industry","page_number":109,"box":{"x":46,"y":146,"width":881,"height":10}},{"id":"b4357481-9418-415e-b379-b4a29e2cd7ef","block_type":"box","text":"participants may take a different view than the Index Provider as to which companies develop, or benefit from the sale or use of, metaverse","page_number":109,"box":{"x":46,"y":160,"width":891,"height":11}},{"id":"ec9f5a1c-c995-499a-9bf1-f6438a4f0cfa","block_type":"box","text":"products or technologies.","page_number":109,"box":{"x":46,"y":174,"width":162,"height":11}},{"id":"f42a3dc9-4580-493e-962b-f6f9ec6dac7f","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":109,"box":{"x":46,"y":197,"width":244,"height":11}},{"id":"c690a03b-2a9c-405a-bd56-5703a1e5ec8a","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":109,"box":{"x":296,"y":197,"width":607,"height":11}},{"id":"45bb8c70-3076-4404-97f6-57edad363083","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":109,"box":{"x":46,"y":211,"width":875,"height":11}},{"id":"17e06448-e846-43d6-bd62-a8648b441951","block_type":"box","text":"may have more limited product lines, markets, financial resources and management experience. As a result, they generally are more","page_number":109,"box":{"x":46,"y":226,"width":846,"height":10}},{"id":"3554bef6-1ca4-4fa2-b032-30d1632ff1f6","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":109,"box":{"x":45,"y":240,"width":890,"height":11}},{"id":"90e14225-cc6d-43d7-938d-acb0d1c78ea5","block_type":"box","text":"shorter business track record, with relatively less information available to investors. The securities of mid-sized companies may trade less","page_number":109,"box":{"x":46,"y":254,"width":881,"height":11}},{"id":"3e5e9e08-5c5a-4154-af68-e3a14f2ebdce","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":109,"box":{"x":45,"y":268,"width":474,"height":11}},{"id":"1f44b34d-cab0-4717-8a3f-18ecf9c38813","block_type":"box","text":"Middle Eastern Economic Risk.","page_number":109,"box":{"x":46,"y":291,"width":212,"height":9}},{"id":"836fe52f-3b6d-4443-8ed6-f2f1e7db2c8b","block_type":"box","text":"Many Middle Eastern countries have little or no democratic tradition, and the political and legal systems in","page_number":109,"box":{"x":264,"y":291,"width":681,"height":11}},{"id":"4dc0743f-e2de-4e25-bfc8-cc694c81f670","block_type":"box","text":"such countries may adversely impact the companies in which the Fund invests and, as a result, the value of the Fund. Middle Eastern","page_number":109,"box":{"x":46,"y":305,"width":849,"height":11}},{"id":"96eb734c-e9ee-483b-bef8-6ff9c3d348c7","block_type":"box","text":"governments have exercised and continue to exercise substantial influence over many aspects of the private sector. Many economies in the","page_number":109,"box":{"x":46,"y":320,"width":895,"height":11}},{"id":"abd832f3-b36b-4057-b718-468b307930e2","block_type":"box","text":"Middle East are highly reliant on income from the sale of oil and natural gas or trade with countries involved in the sale of oil and natural gas,","page_number":109,"box":{"x":46,"y":334,"width":899,"height":11}},{"id":"fd57f56b-443d-463c-912f-89dfd386e77f","block_type":"box","text":"and their economies are therefore vulnerable to changes in the market for oil and natural gas and foreign currency values. As global demand","page_number":109,"box":{"x":46,"y":348,"width":897,"height":11}},{"id":"636a54b6-a7dd-4f76-82aa-fcdcc24eabe7","block_type":"box","text":"for oil and natural gas fluctuates, many Middle Eastern economies may be significantly impacted. A sustained decrease in commodity prices","page_number":109,"box":{"x":45,"y":362,"width":897,"height":11}},{"id":"64209760-b33c-417e-85c0-9402a9058655","block_type":"box","text":"could have a significant negative impact on all aspects of the economy in the region. Middle Eastern economies may be subject to acts of","page_number":109,"box":{"x":46,"y":376,"width":880,"height":11}},{"id":"58dede5b-84cd-4ded-aaf5-9ec2388de673","block_type":"box","text":"terrorism, political strife, religious, ethnic or socioeconomic unrest and sudden outbreaks of hostilities with neighboring countries.","page_number":109,"box":{"x":46,"y":391,"width":833,"height":10}},{"id":"357381ad-854d-465d-a5fb-8836cfaa73ad","block_type":"box","text":"Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes, historical","page_number":109,"box":{"x":46,"y":414,"width":825,"height":11}},{"id":"ba71a989-ca13-4b23-866a-f9d25ebb1914","block_type":"box","text":"animosities, international alliances, religious tensions or defense concerns, which may adversely affect the economies of these countries.","page_number":109,"box":{"x":46,"y":428,"width":880,"height":11}},{"id":"84021a3b-06dd-4b08-9842-6af9a429e5a4","block_type":"box","text":"Certain Middle Eastern countries experience significant unemployment, as well as widespread underemployment.","page_number":109,"box":{"x":46,"y":442,"width":725,"height":11}},{"id":"87b08b72-6233-4553-ab31-10cfa87d99a1","block_type":"box","text":"Many Middle Eastern countries periodically have experienced political, economic and social unrest as protestors have called for widespread","page_number":109,"box":{"x":46,"y":465,"width":894,"height":11}},{"id":"77266294-e2ee-47d6-9139-2f0fb279c54a","block_type":"box","text":"reform. Some of these protests have resulted in a governmental regime change, internal conflict or civil war. If further regime changes were","page_number":109,"box":{"x":46,"y":480,"width":893,"height":10}},{"id":"fc5eff33-681d-454d-8c62-ddef2108154d","block_type":"box","text":"to occur, internal conflict were to intensify, or a civil war were to continue in any of these countries, such instability could adversely affect the","page_number":109,"box":{"x":46,"y":494,"width":905,"height":11}},{"id":"a5dd6c8f-f495-49df-a864-202f0a68195a","block_type":"box","text":"economies of Middle Eastern countries in which the Fund invests and could decrease the value of the Fund’s investments.","page_number":109,"box":{"x":46,"y":508,"width":780,"height":8}},{"id":"de4e9efe-6053-4cea-a5ea-bfc439fb7486","block_type":"box","text":"National Closed Market Trading Risk.","page_number":109,"box":{"x":46,"y":531,"width":255,"height":11}},{"id":"dac9c658-a508-4950-90e0-b148cb8fc794","block_type":"box","text":"To the extent that securities or other assets held by a Fund trade on foreign exchanges or in foreign","page_number":109,"box":{"x":306,"y":531,"width":637,"height":11}},{"id":"019bd25f-3f3a-4b88-88de-d9b842d6a566","block_type":"box","text":"markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between","page_number":109,"box":{"x":46,"y":545,"width":905,"height":11}},{"id":"3eaaeda7-2a0a-4017-ae91-1c50b1ccfefb","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":109,"box":{"x":46,"y":559,"width":331,"height":11}},{"id":"22194a80-09ee-496e-a0b7-07187902217b","block_type":"box","text":"i.e","page_number":109,"box":{"x":378,"y":560,"width":15,"height":8}},{"id":"482d16c6-d2b5-47a1-a926-1d2afe75e440","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":109,"box":{"x":394,"y":559,"width":509,"height":11}},{"id":"c48c49bd-cec7-4dae-baea-e46926e2ee2f","block_type":"box","text":"foreign market on a Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a","page_number":109,"box":{"x":45,"y":574,"width":863,"height":10}},{"id":"f57b4964-9537-4369-9e42-307ed903a7d3","block_type":"box","text":"foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to a Fund’s NAV that may be","page_number":109,"box":{"x":45,"y":588,"width":862,"height":11}},{"id":"99d97206-a6f0-4015-8294-3fc0912ec178","block_type":"box","text":"greater than those experienced by other funds.","page_number":109,"box":{"x":46,"y":602,"width":300,"height":11}},{"id":"12e826be-85c1-48f5-b149-5705e31213eb","block_type":"box","text":"Non-Diversification Risk.","page_number":109,"box":{"x":46,"y":625,"width":171,"height":9}},{"id":"302a3b20-f7c1-46ff-8b96-abb0c2ffb5fb","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other","page_number":109,"box":{"x":222,"y":625,"width":711,"height":11}},{"id":"23f62728-9fd4-4e88-831d-c29887498ad8","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A","page_number":109,"box":{"x":46,"y":639,"width":822,"height":11}},{"id":"61575b7d-a086-4770-9b24-ee4232ea22a4","block_type":"box","text":"non-diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and","page_number":109,"box":{"x":46,"y":654,"width":871,"height":10}},{"id":"a33d77ca-97de-441a-9540-56bbafad0bea","block_type":"box","text":"losses on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a","page_number":109,"box":{"x":46,"y":668,"width":853,"height":11}},{"id":"2a09cbf5-2f22-409e-9e73-da683db8ed87","block_type":"box","text":"diversified Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":109,"box":{"x":46,"y":682,"width":461,"height":11}},{"id":"ae078553-447b-45d9-93e5-9f7e65c8ace0","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":109,"box":{"x":46,"y":705,"width":172,"height":9}},{"id":"4808ec77-33da-42fd-9a98-2e290272e4b4","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":109,"box":{"x":223,"y":705,"width":698,"height":11}},{"id":"8052e811-0f8c-4def-9f60-3dc5b6821d9b","block_type":"box","text":"political, economic, and market risks than securities issued by U.S. issuers. To the extent that investments are made in a limited number of","page_number":109,"box":{"x":46,"y":719,"width":889,"height":11}},{"id":"02f49815-d841-4d0d-802f-92406291155c","block_type":"box","text":"countries, events in those countries will have a more significant impact on a Fund. The risks of investing in non-U.S. securities include the","page_number":109,"box":{"x":46,"y":733,"width":879,"height":11}},{"id":"46eb0ebb-5e19-4ed1-90f2-f86fcb4c1420","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":109,"box":{"x":45,"y":748,"width":403,"height":11}},{"id":"ab404721-55cd-4070-84c3-902ed9ed1ca9","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":109,"box":{"x":83,"y":766,"width":446,"height":11}},{"id":"ff31f8ee-8290-47c9-8108-d6e13aef6e36","block_type":"box","text":"Greater market volatility;","page_number":109,"box":{"x":83,"y":784,"width":158,"height":11}},{"id":"9b114290-3eee-4c12-b220-edda8d10ff9a","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":109,"box":{"x":83,"y":802,"width":383,"height":11}},{"id":"a159f0e3-30e9-4b71-bcae-f8d23d1d072f","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":109,"box":{"x":83,"y":820,"width":347,"height":11}},{"id":"1c86b8d3-e1f7-4304-856e-6867992dcf47","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":109,"box":{"x":83,"y":838,"width":317,"height":11}},{"id":"0e4ea2ad-393f-4d39-bbcb-3d1efa87144c","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":109,"box":{"x":83,"y":856,"width":320,"height":11}},{"id":"92bedf6f-132e-4366-bcfe-a2acf1ad4b40","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":109,"box":{"x":83,"y":874,"width":258,"height":11}},{"id":"01b49254-b977-4373-99b9-77968da4f032","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":109,"box":{"x":83,"y":892,"width":266,"height":11}},{"id":"eece7c20-2fb8-4057-be3f-ddc576e9d79c","block_type":"box","text":"Higher transaction and custody costs;","page_number":109,"box":{"x":83,"y":910,"width":242,"height":11}},{"id":"a5f1cb9c-ecc1-4fb9-9fb4-340cb6cb0596","block_type":"box","text":"16","page_number":109,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"e740d1a8-dd80-4aa1-b59f-9eb09b01e2c4","block_type":"box","text":"Foreign market trading hours, different clearing and settlement procedures, and holiday schedules, which may limit a Fund’s ability to","page_number":110,"box":{"x":83,"y":46,"width":853,"height":11}},{"id":"b08ca353-836d-4b85-a89e-f6b6ecd163c0","block_type":"box","text":"engage in portfolio transactions;","page_number":110,"box":{"x":83,"y":61,"width":206,"height":10}},{"id":"e2ed92ce-34d9-4cd1-a6e9-127cf3c630d6","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":110,"box":{"x":83,"y":79,"width":387,"height":10}},{"id":"4c91c18f-8e46-434d-9b51-57362296bc0d","block_type":"box","text":"Less availability of public information about issuers;","page_number":110,"box":{"x":83,"y":97,"width":330,"height":10}},{"id":"1f6a4b43-20c0-4f54-83b1-bcf2bd11dfa2","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":110,"box":{"x":82,"y":115,"width":804,"height":11}},{"id":"2dd8611e-660d-4e5b-ab82-1276bf3f4358","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":110,"box":{"x":83,"y":133,"width":329,"height":11}},{"id":"c21b65be-0969-4253-833f-de05d375509a","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":110,"box":{"x":83,"y":151,"width":853,"height":11}},{"id":"0d8ed9fe-6401-4997-986d-551dcdb8ec96","block_type":"box","text":"than those that apply in the U.S.","page_number":110,"box":{"x":83,"y":165,"width":205,"height":11}},{"id":"eb3dc1ac-52d2-4ed1-b391-90811094b926","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":110,"box":{"x":47,"y":188,"width":187,"height":11}},{"id":"f59b65a4-8ef7-4bca-9b42-715494d4f399","block_type":"box","text":". A Fund that holds non-U.S. securities may file claims to recover withholding tax on dividend and interest","page_number":110,"box":{"x":235,"y":188,"width":674,"height":11}},{"id":"28cf84f0-abc4-4c09-b040-6a6aa3a0f4ae","block_type":"box","text":"income (if any) received from issuers in certain countries where such withholding tax reclaim is possible. Whether or when a Fund will receive","page_number":110,"box":{"x":46,"y":202,"width":905,"height":11}},{"id":"c0405721-1053-4761-8821-d72aa1656bfe","block_type":"box","text":"a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding tax based","page_number":110,"box":{"x":46,"y":217,"width":898,"height":10}},{"id":"3f566904-ab2a-4876-94d4-c05dd47c509f","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. Funds continue","page_number":110,"box":{"x":46,"y":231,"width":892,"height":11}},{"id":"ca70bf92-df42-42d7-b61c-6d5a6f47700a","block_type":"box","text":"to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":110,"box":{"x":46,"y":245,"width":839,"height":11}},{"id":"e6f28445-f8c4-4a5d-a2df-9621a17d5b46","block_type":"box","text":"decreases, such as due to a change in tax regulation or approach, accruals in a Fund’s NAV for such refunds may be written down partially or","page_number":110,"box":{"x":46,"y":259,"width":900,"height":11}},{"id":"e354af9a-0974-4fae-98ca-27be192e3b2a","block_type":"box","text":"in full, which will adversely affect the Fund’s NAV. Investors in a Fund at the time when an accrual is written down will bear the impact of any","page_number":110,"box":{"x":46,"y":273,"width":897,"height":11}},{"id":"d6592ba3-6cb5-4aca-8b60-da336b24ac27","block_type":"box","text":"resulting reduction in NAV regardless of whether they were investors during the accrual period. Conversely, if a Fund receives a tax refund","page_number":110,"box":{"x":46,"y":287,"width":883,"height":11}},{"id":"be5864c8-ce13-4999-9a3c-f4d93c4e9fc5","block_type":"box","text":"that was not previously accrued, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s","page_number":110,"box":{"x":46,"y":302,"width":905,"height":10}},{"id":"a7f989ba-3871-45db-bc73-93e3a2fff496","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":110,"box":{"x":47,"y":316,"width":635,"height":11}},{"id":"65e4d000-bd87-4067-b8c7-2e9e2360ca9e","block_type":"box","text":"North American Economic Risk","page_number":110,"box":{"x":46,"y":339,"width":215,"height":9}},{"id":"59b91807-b31e-4b8c-b5bf-054352dd9df4","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":110,"box":{"x":262,"y":339,"width":658,"height":11}},{"id":"ded25e9d-a558-4194-8a4b-94c20facb20c","block_type":"box","text":"American country can have a significant economic effect on the entire North American region and on some or all of the North American","page_number":110,"box":{"x":45,"y":353,"width":867,"height":11}},{"id":"f3a2f600-c878-4f91-b30e-b4b82235c88c","block_type":"box","text":"countries in which a Fund invests.","page_number":110,"box":{"x":46,"y":367,"width":215,"height":9}},{"id":"346bb907-edbe-403d-accd-1b415796152b","block_type":"box","text":"The U.S. is Canada’s and Mexico’s largest trading and investment partner. The Canadian and Mexican economies are significantly affected by","page_number":110,"box":{"x":45,"y":391,"width":904,"height":10}},{"id":"dc1c88c1-7daf-4460-9c93-26975fde23dc","block_type":"box","text":"developments in the U.S. economy. Since the implementation of the North American Free Trade Agreement (“NAFTA”) in 1994 among","page_number":110,"box":{"x":46,"y":405,"width":852,"height":11}},{"id":"4318023a-7f10-47ec-b9c0-16557d1d90d7","block_type":"box","text":"Canada, the U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments including","page_number":110,"box":{"x":46,"y":419,"width":891,"height":11}},{"id":"46d490a8-2b46-48d1-9183-c3547594ddaf","block_type":"box","text":"the implementation of tariffs by the U.S. and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement","page_number":110,"box":{"x":46,"y":433,"width":846,"height":11}},{"id":"53cea43f-f426-4ada-b5da-fc5a1a328b2b","block_type":"box","text":"(“USMCA”), which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic outlook and, as a result, the value of","page_number":110,"box":{"x":46,"y":447,"width":883,"height":11}},{"id":"b4210e24-0eab-469a-abad-799dca8df3f0","block_type":"box","text":"securities held by a Fund. Policy and legislative changes in one country may have a significant effect on North American markets generally,","page_number":110,"box":{"x":46,"y":461,"width":887,"height":11}},{"id":"f2195dc9-4b44-4bde-b4a4-bf0d3031c908","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":110,"box":{"x":46,"y":476,"width":375,"height":10}},{"id":"d507f9ec-c83e-4457-85da-6593943d4712","block_type":"box","text":"Operational and Technology Risks.","page_number":110,"box":{"x":46,"y":499,"width":239,"height":11}},{"id":"7ccc475d-4a82-45d3-ad89-d0e17b660e27","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":110,"box":{"x":290,"y":499,"width":648,"height":11}},{"id":"be3f39d9-0485-4109-9f46-37946f1fbb72","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":110,"box":{"x":46,"y":513,"width":841,"height":11}},{"id":"e576306e-e507-4745-9dda-5118ad2f1be2","block_type":"box","text":"incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or","page_number":110,"box":{"x":46,"y":527,"width":876,"height":11}},{"id":"b7c5a760-2fb9-4111-b6fa-cf22efc486c1","block_type":"box","text":"impair the Fund’s operations. These entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service","page_number":110,"box":{"x":46,"y":541,"width":844,"height":11}},{"id":"b249c382-0aa5-4788-a34a-bd3f484b1437","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":110,"box":{"x":46,"y":556,"width":866,"height":10}},{"id":"cbef4ee2-8c6c-4576-b9cb-24fdda917b44","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":110,"box":{"x":46,"y":570,"width":892,"height":11}},{"id":"05c06de1-cace-4874-8d76-d6f00121670b","block_type":"box","text":"technology risks for the issuers in which a Fund invests could also result in material adverse consequences for such issuers and may cause","page_number":110,"box":{"x":46,"y":584,"width":889,"height":11}},{"id":"113b199d-d79a-45d4-a14c-7fbe7c320778","block_type":"box","text":"the Fund’s investments in such issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology","page_number":110,"box":{"x":46,"y":598,"width":869,"height":11}},{"id":"e78c35de-8580-4e62-a988-2584cb8212cb","block_type":"box","text":"risks.","page_number":110,"box":{"x":46,"y":612,"width":32,"height":9}},{"id":"5966601e-3be2-464c-9cff-21b05f9237dc","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests, the Fund or any","page_number":110,"box":{"x":46,"y":636,"width":895,"height":10}},{"id":"4332e399-c1b6-4aa2-aa17-2747c8e853d2","block_type":"box","text":"of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive","page_number":110,"box":{"x":46,"y":650,"width":878,"height":11}},{"id":"1c76a7cc-d04c-4fea-b5dd-b2e980635911","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":110,"box":{"x":46,"y":664,"width":905,"height":11}},{"id":"96517cc8-57fb-497f-9f47-adcc8ce2b7f7","block_type":"box","text":"of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":110,"box":{"x":46,"y":678,"width":884,"height":11}},{"id":"f3890c9b-9945-46c0-bdb7-1cfcaf8ce13c","block_type":"box","text":"any of the following: financial losses; interference with a Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":110,"box":{"x":46,"y":692,"width":828,"height":11}},{"id":"c8555d10-7182-4986-bac1-136f9b5793f6","block_type":"box","text":"impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or","page_number":110,"box":{"x":46,"y":706,"width":898,"height":11}},{"id":"7e52fae7-6b82-4f6a-9a08-26a7a9c170f4","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":110,"box":{"x":46,"y":721,"width":884,"height":10}},{"id":"56bcb097-7943-4aa8-9723-7890d3e5ea90","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":110,"box":{"x":46,"y":735,"width":881,"height":11}},{"id":"51e26416-1e98-4b7a-9bd0-d841b96d5e0a","block_type":"box","text":"records of a Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to","page_number":110,"box":{"x":46,"y":749,"width":898,"height":11}},{"id":"4bb2deef-eb29-448b-bda1-9a133072a031","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":110,"box":{"x":46,"y":763,"width":866,"height":11}},{"id":"a07adecb-923d-4faf-90a8-e5176c26fc9b","block_type":"box","text":"errors that threaten information and technology systems relied upon by a Fund or its service providers, as well as market events that occur at","page_number":110,"box":{"x":46,"y":777,"width":906,"height":11}},{"id":"69f9f713-d8a6-4812-86e4-4079d9ecb8ab","block_type":"box","text":"a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":110,"box":{"x":46,"y":791,"width":904,"height":11}},{"id":"ce5c5c41-3573-4326-a17a-67e06d0f2115","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally","page_number":110,"box":{"x":46,"y":806,"width":884,"height":11}},{"id":"63e4e615-c9d9-4cd1-a751-d5485d33e6b2","block_type":"box","text":"highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":110,"box":{"x":46,"y":820,"width":873,"height":11}},{"id":"f85f117f-b691-4185-9420-60eb40e38855","block_type":"box","text":"practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":110,"box":{"x":46,"y":834,"width":855,"height":11}},{"id":"071f6f8a-116f-4348-8d9f-bdcaeb39e5ba","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":110,"box":{"x":46,"y":848,"width":856,"height":11}},{"id":"6e7867a4-d535-40fc-b25b-b8511c590ae3","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. A Fund and its","page_number":110,"box":{"x":46,"y":862,"width":896,"height":11}},{"id":"26cd39ba-a4e2-4fdf-a0a5-36f217c0deda","block_type":"box","text":"shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and","page_number":110,"box":{"x":46,"y":877,"width":886,"height":10}},{"id":"a433c3c3-53d1-449e-b69c-0194582c5e06","block_type":"box","text":"potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to","page_number":110,"box":{"x":46,"y":891,"width":875,"height":11}},{"id":"893362a2-332c-40d1-a55f-fc1f9f0a3cad","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":110,"box":{"x":46,"y":905,"width":584,"height":11}},{"id":"32a88284-e138-4990-b0f5-44d141029813","block_type":"box","text":"17","page_number":110,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"d56f53ee-db88-4165-b291-0375dc16ae64","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":111,"box":{"x":45,"y":46,"width":864,"height":11}},{"id":"a233741a-931e-42b7-bb55-b3dd79cdb94c","block_type":"box","text":"policies and procedures, their methods of risk management may differ from those of the Fund in the setting of priorities, the personnel and","page_number":111,"box":{"x":46,"y":61,"width":888,"height":10}},{"id":"811ce282-0e6d-47a0-867d-431689fa57eb","block_type":"box","text":"resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to reduce these risks through controls,","page_number":111,"box":{"x":46,"y":75,"width":840,"height":11}},{"id":"84776735-6414-43a2-a7c3-6efcec534579","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":111,"box":{"x":46,"y":89,"width":862,"height":11}},{"id":"0d564de5-23ac-40d0-86f4-192311a61859","block_type":"box","text":"limitations in such plans and systems, including the possibility that certain risks that may affect a Fund have not been identified or may","page_number":111,"box":{"x":46,"y":103,"width":863,"height":11}},{"id":"5381c076-3b42-4fdf-9e12-83e5050dd7dd","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or","page_number":111,"box":{"x":46,"y":117,"width":871,"height":11}},{"id":"34d4438d-7753-4122-aed3-727c8e35bced","block_type":"box","text":"information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or","page_number":111,"box":{"x":46,"y":131,"width":894,"height":11}},{"id":"4b9be0e7-f282-40b5-93a2-7ead4de09349","block_type":"box","text":"that incidents will go undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it","page_number":111,"box":{"x":46,"y":146,"width":882,"height":10}},{"id":"59d2170b-6c38-4c28-975a-595d49155833","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":111,"box":{"x":46,"y":160,"width":659,"height":11}},{"id":"9c1f88a0-1883-464f-bdee-b498f8383d3c","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":111,"box":{"x":47,"y":183,"width":829,"height":11}},{"id":"e6200a77-2135-43f0-ad7f-723a45244ea3","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":111,"box":{"x":45,"y":197,"width":905,"height":11}},{"id":"81860840-fd6a-45ac-b02f-9351993db894","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":111,"box":{"x":46,"y":211,"width":757,"height":11}},{"id":"648dc1c0-145e-4fb2-ac07-6278b6fe8352","block_type":"box","text":"Ownership Limitations Risk.","page_number":111,"box":{"x":46,"y":235,"width":195,"height":10}},{"id":"fc6d3767-2d6d-49ae-bdc0-22a6ddb7c9ad","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":111,"box":{"x":247,"y":235,"width":697,"height":10}},{"id":"0fd89382-0e23-4f22-9de9-19a7362fbb1a","block_type":"box","text":"BFA, its affiliates or a Fund, or as a result of third-party transactions or actions by an issuer or regulator, the ability of BFA and its affiliates on","page_number":111,"box":{"x":47,"y":249,"width":900,"height":11}},{"id":"00443feb-569c-4ba4-a9c3-a7e5465a2b6c","block_type":"box","text":"behalf of clients (including a Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may be","page_number":111,"box":{"x":46,"y":263,"width":850,"height":11}},{"id":"5002a8d1-6788-44ea-b366-6b614a4161f7","block_type":"box","text":"restricted by law, regulation or rules or otherwise impaired. The capacity of a Fund to invest in certain securities or other assets may be","page_number":111,"box":{"x":46,"y":277,"width":866,"height":11}},{"id":"ff0ad4a9-bba3-4dad-bc36-f5dfd8ac5d3b","block_type":"box","text":"affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of a Fund’s portfolio","page_number":111,"box":{"x":46,"y":291,"width":903,"height":11}},{"id":"866aff5b-4400-4826-b9de-6158b53621d7","block_type":"box","text":"holdings.","page_number":111,"box":{"x":46,"y":306,"width":56,"height":10}},{"id":"b689bcc0-f031-4e16-a526-fd47e394442e","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in certain international","page_number":111,"box":{"x":46,"y":329,"width":852,"height":11}},{"id":"c6977bba-b248-4c36-9790-409a05d3fe55","block_type":"box","text":"markets. Such limits also may apply where the investing entity (such as a Fund) is subject to corporate or regulatory ownership restrictions","page_number":111,"box":{"x":46,"y":343,"width":890,"height":11}},{"id":"e5a70adc-4dd7-4772-b336-3b378e56654e","block_type":"box","text":"or invests in certain futures or other derivative transactions. In certain circumstances, aggregate and/or fund-level amounts invested or","page_number":111,"box":{"x":46,"y":357,"width":870,"height":11}},{"id":"1a0b547f-0c9c-45ac-a856-1d8594892174","block_type":"box","text":"voted by BFA and its affiliates for client funds and accounts managed by BFA (including a Fund) may not exceed the relevant limits without","page_number":111,"box":{"x":45,"y":371,"width":884,"height":11}},{"id":"2a36c8aa-5d4e-4547-9efb-9dca5f2f6e39","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":111,"box":{"x":46,"y":385,"width":905,"height":11}},{"id":"9fa62ddc-3769-49b5-ae53-42956343c8ae","block_type":"box","text":"permission will be granted or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. In other cases,","page_number":111,"box":{"x":46,"y":400,"width":886,"height":10}},{"id":"017fd17f-49d5-4a3c-9660-d6a4c8aa24e4","block_type":"box","text":"exceeding such thresholds may cause BFA and its affiliates, a Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":111,"box":{"x":46,"y":414,"width":896,"height":11}},{"id":"df3e50ac-f1bb-4d9b-9eda-72fdf367c31a","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted permission to exceed","page_number":111,"box":{"x":46,"y":437,"width":885,"height":11}},{"id":"f63a7af9-baa2-4d45-925d-738634c0fb89","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or","page_number":111,"box":{"x":46,"y":451,"width":821,"height":11}},{"id":"92c3244b-1b20-4b4e-999a-c8b211bf73df","block_type":"box","text":"non-disapproval that was obtained.","page_number":111,"box":{"x":46,"y":465,"width":224,"height":11}},{"id":"2b77fc78-c06f-44e1-bb83-fc88833ad0d0","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":111,"box":{"x":46,"y":489,"width":236,"height":10}},{"id":"9a31a475-3170-4516-9159-6282a18be393","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":111,"box":{"x":287,"y":489,"width":636,"height":10}},{"id":"47e0ed91-34fb-40c3-be1c-ce55942eb405","block_type":"box","text":"reduction in spending on the products and services of these countries or regions, the institution of tariffs or other trade barriers by a key","page_number":111,"box":{"x":46,"y":503,"width":874,"height":11}},{"id":"e30517ad-dae8-4640-95f3-df788e93cc92","block_type":"box","text":"trading partner or a slowdown in the economy of a key trading partner may cause an adverse impact on the economies of such countries or","page_number":111,"box":{"x":46,"y":517,"width":892,"height":11}},{"id":"c73448ef-1d0f-4a81-9d9f-4a1d8ac62f70","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":111,"box":{"x":46,"y":531,"width":682,"height":11}},{"id":"5e75faf7-70da-47e1-8355-58293296c0ee","block_type":"box","text":"Risk of Investing in Asia.","page_number":111,"box":{"x":46,"y":554,"width":169,"height":11}},{"id":"eae67816-e422-422a-b1a9-db0e0be13856","block_type":"box","text":"Investments in Asian issuers subject a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":111,"box":{"x":221,"y":554,"width":704,"height":11}},{"id":"e44737cb-cd2d-466c-aca1-ffbe87dd37ef","block_type":"box","text":"security risks that are specific to Asia. Certain Asian countries have experienced economic growth and industrialization in recent years, but","page_number":111,"box":{"x":46,"y":568,"width":890,"height":11}},{"id":"2b2e0e0e-f356-4659-995a-58c28699838c","block_type":"box","text":"there is no assurance that this growth rate will be maintained. Some Asian countries have experienced expropriation and/or nationalization","page_number":111,"box":{"x":46,"y":583,"width":892,"height":11}},{"id":"4d22b0a4-3b93-4b30-a0d1-b4fa079015dd","block_type":"box","text":"of assets, confiscatory taxation, high inflation, high unemployment, over-extension of credit, currency devaluations and restrictions, politic","page_number":111,"box":{"x":46,"y":597,"width":886,"height":11}},{"id":"28aa8981-d157-4d6f-9fc9-abcd2f2ec2e6","block_type":"box","text":"al","page_number":111,"box":{"x":933,"y":597,"width":9,"height":8}},{"id":"1d7c9c64-d25d-406f-b2ae-a6c59e0658d1","block_type":"box","text":"or social instability, and armed conflict. An adverse economic or political event in one Asian country may negatively affect countries","page_number":111,"box":{"x":46,"y":611,"width":843,"height":11}},{"id":"26ca7220-afe1-40d9-aed8-8e796d75be5c","block_type":"box","text":"throughout the region. Because many Asian countries depend significantly on international trade, shifts in relationships with key trading","page_number":111,"box":{"x":46,"y":625,"width":868,"height":11}},{"id":"71bb0458-1239-4ced-a758-14884f3bd706","block_type":"box","text":"partners, such as China and the U.S., may have a region-wide economic impact. Certain Asian countries have developed increasingly strained","page_number":111,"box":{"x":46,"y":639,"width":904,"height":11}},{"id":"89fa6f01-97d5-4f3c-a7eb-c438fbf2d622","block_type":"box","text":"relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China","page_number":111,"box":{"x":46,"y":654,"width":901,"height":10}},{"id":"af2058a1-1b3d-4bee-8f0a-524d1a619c57","block_type":"box","text":"for trade and the region as a whole. A shift towards protectionist policies by these countries or other key trading partners could suppress","page_number":111,"box":{"x":45,"y":668,"width":878,"height":11}},{"id":"01290062-a251-4f30-9ac0-73724fa7971d","block_type":"box","text":"Asia’s exports and reduce foreign investment in the region.","page_number":111,"box":{"x":45,"y":682,"width":377,"height":11}},{"id":"8c8ff371-76ca-491e-93ee-701f731be0ab","block_type":"box","text":"Many Asian countries are also subject to political risk, including political instability, corruption and regional conflicts. North Korea and South","page_number":111,"box":{"x":46,"y":705,"width":897,"height":11}},{"id":"e53a1437-21c0-4684-bece-710dd1d06a24","block_type":"box","text":"Korea each have substantial military capabilities, and historical tensions between the two countries present the risk of war. China has a","page_number":111,"box":{"x":47,"y":719,"width":865,"height":11}},{"id":"c9383468-a701-4218-9112-a8b371afe100","block_type":"box","text":"complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary. The","page_number":111,"box":{"x":46,"y":733,"width":903,"height":11}},{"id":"9c1f5b1b-a4a1-4522-8993-f556989bf0d2","block_type":"box","text":"continuation or escalation of these or other hostilities may have an adverse impact throughout the region. In addition, many Asian countries","page_number":111,"box":{"x":46,"y":748,"width":894,"height":11}},{"id":"88c2ae0e-eb8e-4eef-8528-882ec05cdddb","block_type":"box","text":"are subject to social and labor risks associated with demands for improved political, economic and social conditions. These risks, among","page_number":111,"box":{"x":46,"y":762,"width":874,"height":11}},{"id":"1d97cd73-4da3-4aea-86c9-4778be227f71","block_type":"box","text":"others, may adversely affect the value of a Fund’s investments with exposure to Asia.","page_number":111,"box":{"x":46,"y":776,"width":544,"height":11}},{"id":"301fc69d-8bd1-468e-bc13-7aef4c880d9e","block_type":"box","text":"Risk of Investing in Blockchain Companies.","page_number":111,"box":{"x":46,"y":799,"width":298,"height":11}},{"id":"23dc9b45-1337-4cb1-9d9d-66b88a712277","block_type":"box","text":"Investing in blockchain companies is subject to a number of risks. Blockchain technology is","page_number":111,"box":{"x":350,"y":799,"width":585,"height":11}},{"id":"1c2b7a06-95cf-4dfa-8632-937a792b6527","block_type":"box","text":"new and many of its uses may be untested. There is no assurance that widespread adoption of blockchain technology will occur, and the","page_number":111,"box":{"x":46,"y":813,"width":872,"height":11}},{"id":"f55d0a2c-698b-4e66-94d9-0498ad2f08fe","block_type":"box","text":"development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchain","page_number":111,"box":{"x":46,"y":828,"width":896,"height":10}},{"id":"73968964-0610-4d55-a8ea-a6009a6ff8a8","block_type":"box","text":"technology. Blockchain companies may be subject to more volatility and less trading volume than securities of companies in more","page_number":111,"box":{"x":46,"y":842,"width":831,"height":11}},{"id":"ac4f8742-a798-40de-9351-d81d91a971b5","block_type":"box","text":"established industries. As a result, a lack of expansion in, or acceptance of, blockchain technology could adversely affect the value of the","page_number":111,"box":{"x":46,"y":856,"width":876,"height":11}},{"id":"dadc05e4-9a1c-4ea4-ba48-79507decf5e2","block_type":"box","text":"underlying companies held by Fund. Moreover, the extent to which the underlying companies held by the Fund utilize blockchain technology","page_number":111,"box":{"x":46,"y":870,"width":895,"height":11}},{"id":"99eca93e-d5df-4bfa-8901-e784165da9fb","block_type":"box","text":"may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material increase in the value of such","page_number":111,"box":{"x":46,"y":884,"width":903,"height":11}},{"id":"89a5ef7e-9357-4c2d-9738-07851edabc34","block_type":"box","text":"companies.","page_number":111,"box":{"x":46,"y":899,"width":72,"height":10}},{"id":"4aee8375-7f3a-4e0a-8046-34a31f60b070","block_type":"box","text":"18","page_number":111,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"22d86dcc-4622-40d6-acdc-59036f05f4c5","block_type":"box","text":"Companies that are developing applications of blockchain technology may not in fact do so or may not be able to capitalize on those","page_number":112,"box":{"x":46,"y":46,"width":846,"height":11}},{"id":"e592f26d-09ad-4e12-a4e9-d41666276b92","block_type":"box","text":"blockchain technologies. A proliferation of recent companies attempting to apply blockchain technology in different contexts means the","page_number":112,"box":{"x":46,"y":61,"width":869,"height":10}},{"id":"90701772-712b-4e87-8971-16e345182724","block_type":"box","text":"possibility of conflicting intellectual property claims that could affect a company’s operations or business. Regardless of the merit of any","page_number":112,"box":{"x":46,"y":75,"width":873,"height":11}},{"id":"21fbf118-59a7-408d-8eab-a78e66a97097","block_type":"box","text":"intellectual property claim or other legal action, any threatened action that reduces confidence in the viability of blockchain may adversely","page_number":112,"box":{"x":46,"y":89,"width":885,"height":11}},{"id":"713ba48a-0196-4fa9-8b77-5cc045d94aea","block_type":"box","text":"affect the value of the underlying companies held by the Fund. The adoption of blockchain technology may be impaired by laws or","page_number":112,"box":{"x":46,"y":103,"width":829,"height":11}},{"id":"4d139909-33c6-4b6b-ab69-0c997664126a","block_type":"box","text":"regulations. For example, China has recently moved to restrict the mining of crypto assets. Additionally, because blockchain technology is","page_number":112,"box":{"x":46,"y":117,"width":882,"height":11}},{"id":"33295368-1919-4fb7-9ad0-f0a7f79ad311","block_type":"box","text":"new, it may be subject to future laws or regulations that may be difficult to predict. Any such laws or regulations regarding blockchain","page_number":112,"box":{"x":46,"y":131,"width":854,"height":11}},{"id":"85b50e46-b0b6-48e2-b66e-b61da3ae98ee","block_type":"box","text":"technology may adversely affect the value of the underlying blockchain companies held by the Fund.","page_number":112,"box":{"x":46,"y":146,"width":641,"height":10}},{"id":"f3e3feb8-134d-4d50-b7bb-641529381da1","block_type":"box","text":"Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user’s account (or","page_number":112,"box":{"x":45,"y":169,"width":878,"height":11}},{"id":"1556a05a-79c6-4e9a-91d5-e2d1959d9788","block_type":"box","text":"“wallet”). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being","page_number":112,"box":{"x":46,"y":183,"width":850,"height":11}},{"id":"78c0918c-7386-424a-94f5-034e8c21c1ca","block_type":"box","text":"represented by the blockchain (whether “smart contracts,” securities, currency or other digital assets). The theft, loss or destruction of the","page_number":112,"box":{"x":46,"y":197,"width":887,"height":11}},{"id":"99c4f523-4114-4031-b8e0-0e7f32032d5b","block_type":"box","text":"cryptographic keys needed to transact on a blockchain could also adversely affect a company’s business or operations if it were dependent","page_number":112,"box":{"x":46,"y":211,"width":892,"height":11}},{"id":"e71b6153-04cf-44e7-bc52-0e67aee11aad","block_type":"box","text":"on the blockchain. In addition, because blockchain functionality relies on the internet, a significant disruption of internet connectivity","page_number":112,"box":{"x":46,"y":226,"width":850,"height":10}},{"id":"382d65e7-2c8b-4498-9c5b-6627b0db1fd9","block_type":"box","text":"affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the","page_number":112,"box":{"x":46,"y":240,"width":869,"height":11}},{"id":"364d9b86-4cfd-40ab-9064-82fb66069477","block_type":"box","text":"underlying companies held by the Fund. Certain features of blockchain technology, such as decentralization, open source protocol and","page_number":112,"box":{"x":46,"y":254,"width":860,"height":11}},{"id":"2b37f12d-f076-4af7-bc08-a0204fb5acf3","block_type":"box","text":"reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated","page_number":112,"box":{"x":46,"y":268,"width":885,"height":11}},{"id":"d1ebb4a3-b091-4fc3-b0ba-39506f31418d","block_type":"box","text":"response. Blockchain companies involved in crypto assets may be adversely affected by fluctuations in, and manipulation of, the price of","page_number":112,"box":{"x":46,"y":282,"width":874,"height":11}},{"id":"aabafea3-6ea8-4fcf-b768-96c48215c40e","block_type":"box","text":"crypto assets and a lack of liquid markets or acceptance for certain crypto assets or government policies.","page_number":112,"box":{"x":46,"y":296,"width":676,"height":11}},{"id":"525a19c5-6fbe-4fa7-b2e4-e3c4bc931991","block_type":"box","text":"Risk of Investing in Australia.","page_number":112,"box":{"x":46,"y":320,"width":202,"height":10}},{"id":"e2703088-fc73-4b67-ac68-60bbf5164df2","block_type":"box","text":"Investing in Australian issuers involves legal, regulatory, political, currency, security, and economic risks that","page_number":112,"box":{"x":254,"y":320,"width":697,"height":11}},{"id":"6f6c9c16-e4f2-4d4d-9644-a979aa8f345e","block_type":"box","text":"are specific to Australia. The Australian economy depends heavily on exports from the energy, agricultural and mining sectors and, as a","page_number":112,"box":{"x":46,"y":334,"width":864,"height":11}},{"id":"11711190-b9ec-4374-8c42-f3e372bea7a8","block_type":"box","text":"result, is susceptible to fluctuations in the commodity markets. The Australian economy also increasingly depends on its growing services","page_number":112,"box":{"x":46,"y":348,"width":881,"height":11}},{"id":"7e156e17-c1c8-403b-acd8-a972263226a8","block_type":"box","text":"industry. Intensifying natural disasters in Australia, including drought and bushfires, could adversely impact the value of investments in","page_number":112,"box":{"x":46,"y":362,"width":861,"height":11}},{"id":"23accf92-748d-423c-9805-285a67b87344","block_type":"box","text":"Australian issuers. The Australian economy depends on trading with key trading partners, including China, Japan, South Korea, the U.S., and","page_number":112,"box":{"x":45,"y":376,"width":894,"height":11}},{"id":"57d645ce-d4cb-4c69-a622-be8e6ee89c98","block_type":"box","text":"certain European countries. Reduced spending by any of these trading partners on Australian products and services, or negative changes in","page_number":112,"box":{"x":46,"y":391,"width":892,"height":10}},{"id":"4764f9d0-57c5-42fe-8eb0-d84319398e39","block_type":"box","text":"any of these economies, may have an adverse impact on the Australian economy. Economic events in key trading countries can have a","page_number":112,"box":{"x":46,"y":405,"width":860,"height":11}},{"id":"e38d116d-e534-4d63-8e1c-1fc7c70e41fb","block_type":"box","text":"significant effect on the Australian economy.","page_number":112,"box":{"x":46,"y":419,"width":284,"height":11}},{"id":"fecae938-281a-4f3a-93af-92579c80353d","block_type":"box","text":"Risk of Investing in Brazil.","page_number":112,"box":{"x":46,"y":442,"width":178,"height":11}},{"id":"9a7d2b79-9356-4f20-b8fe-c7b0034ddb2c","block_type":"box","text":"Investing in Brazilian issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":112,"box":{"x":230,"y":442,"width":711,"height":11}},{"id":"f43a6588-0527-4d0d-ad31-2b6ccb03f461","block_type":"box","text":"specific to Brazil. Agricultural and mining exports are important to the Brazilian economy, which thus is susceptible to fluctuations in the","page_number":112,"box":{"x":46,"y":456,"width":871,"height":11}},{"id":"b05ec21b-fcc2-4faf-bbc2-d4c0f6657b0b","block_type":"box","text":"commodity markets. Brazilian issuers may be subject to regulatory and economic interventions by the government, including the imposition","page_number":112,"box":{"x":46,"y":471,"width":894,"height":10}},{"id":"dbfb75b6-f193-47b9-94ff-435ac55aa126","block_type":"box","text":"of wage and price controls and the limitation of imports. Brazil has experienced high levels of outstanding government debt and high","page_number":112,"box":{"x":46,"y":485,"width":846,"height":11}},{"id":"07995dbe-f4ef-475f-b875-6edd07b90d28","block_type":"box","text":"inflation, which could constrain economic growth. Due to increasing polarization and growing inequality, Brazil may face heightened risks of","page_number":112,"box":{"x":46,"y":499,"width":892,"height":11}},{"id":"c99d3323-b7e0-418c-8691-ac7f9135c476","block_type":"box","text":"political instability, which could exacerbate structural economic risks. The economy of Brazil has been negatively affected by corruption","page_number":112,"box":{"x":46,"y":513,"width":866,"height":11}},{"id":"77b1bea6-3cbe-404d-b5d7-82e67870bfe3","block_type":"box","text":"scandals involving private companies and government officials, which have led to sanctions against firms as well as political upsets and","page_number":112,"box":{"x":46,"y":527,"width":865,"height":11}},{"id":"ca6e689a-c05e-4124-933c-24a022a1af00","block_type":"box","text":"sudden leadership changes. The Brazilian economy depends on trading with key trading partners, including China, the U.S., Russia and","page_number":112,"box":{"x":46,"y":541,"width":859,"height":11}},{"id":"6cbfba9d-d308-4375-a750-c0742c87c48a","block_type":"box","text":"certain European countries. Reduced spending by any of these trading partners on Brazilian products and services, or negative changes in","page_number":112,"box":{"x":46,"y":556,"width":881,"height":10}},{"id":"9b146e31-a698-4415-889a-ff06f1e59f02","block_type":"box","text":"any of these economies, may have an adverse impact on the Brazilian economy.","page_number":112,"box":{"x":46,"y":570,"width":510,"height":11}},{"id":"019c0ff0-ecec-424a-be8e-83ce6fc2f1e5","block_type":"box","text":"Risk of Investing in Canada.","page_number":112,"box":{"x":46,"y":593,"width":191,"height":11}},{"id":"9e3e28be-5f83-4c2f-846c-e4e423d9bb2d","block_type":"box","text":"Investing in Canadian issuers involves legal, regulatory, political, economic, currency, geographic and security","page_number":112,"box":{"x":243,"y":593,"width":704,"height":11}},{"id":"6c5a301f-427e-4b42-bb1e-e7e846a11a6b","block_type":"box","text":"risks that are specific to Canada. The U.S. is Canada’s largest trading and investment partner, and the Canadian economy may be","page_number":112,"box":{"x":46,"y":607,"width":828,"height":11}},{"id":"68aaef9b-b904-4cfc-bae7-e202e0916ca3","block_type":"box","text":"significantly affected by developments in the U.S. economy and U.S. trade policy changes. The U.S. and Canada are particularly","page_number":112,"box":{"x":46,"y":621,"width":815,"height":11}},{"id":"79ed3827-1bd2-4fa4-80b9-18ee95c0f115","block_type":"box","text":"interdependent with respect to their energy, timber and manufacturing sectors. Canada’s other key trading partners include China, Mexico,","page_number":112,"box":{"x":46,"y":636,"width":890,"height":10}},{"id":"fda0d855-d526-4752-b28d-42bc6fee6594","block_type":"box","text":"the United Kingdom and Japan. In addition, Canada is a large supplier of natural resources, including oil, natural gas and agricultural","page_number":112,"box":{"x":46,"y":650,"width":842,"height":11}},{"id":"d7932afa-2f91-401f-96e7-2fd5af4cb2d3","block_type":"box","text":"products. As a result, the Canadian economy is sensitive to fluctuations in certain commodity prices. Other risks facing the Canadian","page_number":112,"box":{"x":46,"y":664,"width":850,"height":11}},{"id":"e0111b17-6290-4cc8-9543-b155c0846483","block_type":"box","text":"economy include persistent inflation and low productivity.","page_number":112,"box":{"x":46,"y":678,"width":368,"height":11}},{"id":"4c900e21-7c30-4cfc-80de-53a390fb2f0f","block_type":"box","text":"Risk of Investing in China.","page_number":112,"box":{"x":46,"y":701,"width":179,"height":11}},{"id":"d0ceafe3-302b-46d6-8c4a-dc376adbee44","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":112,"box":{"x":231,"y":701,"width":710,"height":11}},{"id":"f7cbe660-f215-416d-a7a3-c6c4187498c0","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":112,"box":{"x":46,"y":715,"width":708,"height":11}},{"id":"d93567fd-c802-4492-964f-b6cf260f09a2","block_type":"box","text":"Political and Social Risk.","page_number":112,"box":{"x":46,"y":739,"width":150,"height":8}},{"id":"158d0a36-87f5-4a38-a121-0c4672a011b3","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":112,"box":{"x":202,"y":739,"width":714,"height":10}},{"id":"ed88578f-3d46-4c08-adbd-0b3f2be30c2c","block_type":"box","text":"wealth and the pace of economic liberalization may lead to social turmoil, violence and labor unrest. In addition, China continues to","page_number":112,"box":{"x":45,"y":753,"width":840,"height":11}},{"id":"b8f3b494-fe21-4802-bbd8-d1dd1bd97849","block_type":"box","text":"experience disagreements related to integration with Hong Kong and religious and nationalist disputes in Tibet and Xinjiang. There is also a","page_number":112,"box":{"x":46,"y":767,"width":888,"height":11}},{"id":"c02b295c-7b27-4fba-8497-d16f7e185101","block_type":"box","text":"greater risk in China than in many other countries of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher","page_number":112,"box":{"x":46,"y":781,"width":891,"height":11}},{"id":"756f8429-a369-42bf-bccb-1616df2ce3d3","block_type":"box","text":"rates of inflation as a result of internal social unrest or conflicts with other countries. Unanticipated political or social developments may","page_number":112,"box":{"x":46,"y":795,"width":873,"height":11}},{"id":"a597881a-6e4b-40b0-b9ad-360ce56b724d","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":112,"box":{"x":46,"y":810,"width":889,"height":10}},{"id":"5eaafc95-8cd9-4cfe-bff2-27f742667073","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":112,"box":{"x":46,"y":824,"width":345,"height":11}},{"id":"6edb20bf-13b1-4626-8e99-c0553afac1c4","block_type":"box","text":"Government Control and Regulations.","page_number":112,"box":{"x":46,"y":847,"width":234,"height":11}},{"id":"bd12c5ea-3ba7-4646-a5f0-670487992ef2","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":112,"box":{"x":287,"y":847,"width":659,"height":11}},{"id":"7434b0e4-196a-4708-a349-9f07356bc262","block_type":"box","text":"government control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. China has","page_number":112,"box":{"x":46,"y":861,"width":889,"height":11}},{"id":"3421d550-908b-4cba-95c8-d6299b9c40c2","block_type":"box","text":"restrictions on investment in companies or industries deemed to be sensitive to particular national interests, trading of securities of Chinese","page_number":112,"box":{"x":46,"y":875,"width":898,"height":11}},{"id":"a4167cda-f14e-4f7b-a818-b1cdc9cfdc70","block_type":"box","text":"issuers, foreign ownership of Chinese corporations and/or the repatriation of assets by foreign investors. Restrictions on foreign ownership","page_number":112,"box":{"x":46,"y":889,"width":893,"height":11}},{"id":"c075001c-aa19-4f96-ba8e-0beaa31e8d0e","block_type":"box","text":"of Chinese securities may have adverse effects on a Fund’s liquidity and performance and could lead to higher tracking error. Chinese","page_number":112,"box":{"x":46,"y":904,"width":855,"height":10}},{"id":"11c5312a-c270-4d27-aa15-00f78ba76b79","block_type":"box","text":"19","page_number":112,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"74aebbd3-83a5-411e-952e-87149c6f0043","block_type":"box","text":"government intervention in the market may have a negative impact on market sentiment, which may in turn affect the performance of the","page_number":113,"box":{"x":46,"y":46,"width":880,"height":11}},{"id":"e40b4dc7-f570-45ef-b2e9-330909ce5aff","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":113,"box":{"x":46,"y":61,"width":850,"height":10}},{"id":"e189e2ec-fbf7-4eb4-bd17-4b982c2256a0","block_type":"box","text":"information, and political and social instability and may be subject to volatility and pricing anomalies resulting from governmental influence.","page_number":113,"box":{"x":46,"y":75,"width":892,"height":11}},{"id":"57caf6db-8801-4a12-aec4-949f681c5d18","block_type":"box","text":"Chinese companies, such as those in the financial services, technology and potentially other sectors, are also subject to the risk that Chinese","page_number":113,"box":{"x":46,"y":89,"width":905,"height":11}},{"id":"63aec05b-6caf-4c9f-844f-08b71ddd9a65","block_type":"box","text":"authorities can intervene in their operations and structure, which may negatively affect the value of a Fund’s investments.","page_number":113,"box":{"x":46,"y":103,"width":778,"height":11}},{"id":"d4de55dc-bde2-4ed6-83bf-7679e7529df1","block_type":"box","text":"Economic Risk.","page_number":113,"box":{"x":46,"y":126,"width":93,"height":9}},{"id":"0d420407-31c9-4535-9410-5d266356d902","block_type":"box","text":"The Chinese economy is highly reliant on trade and may be adversely affected by, among other things, a deterioration in","page_number":113,"box":{"x":145,"y":126,"width":767,"height":11}},{"id":"af53bb40-c594-4def-908f-3917337a3931","block_type":"box","text":"global demand and spending for Chinese exports or a contraction in spending on domestic goods by Chinese consumers. The institution of","page_number":113,"box":{"x":46,"y":140,"width":887,"height":11}},{"id":"f7ad5a04-c368-41ab-ad2f-56bf6b073fea","block_type":"box","text":"additional tariffs or other trade barriers (including as a result of heightened trade tensions between China and the U.S. or in response to","page_number":113,"box":{"x":46,"y":155,"width":869,"height":11}},{"id":"e4a73e99-6846-462f-a93d-2c12280a118e","block_type":"box","text":"actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact","page_number":113,"box":{"x":46,"y":169,"width":892,"height":11}},{"id":"afabaec0-0886-4fc2-b024-2e79b214c777","block_type":"box","text":"on the Chinese economy and companies in which a Fund invests. The current political climate has intensified concerns about a potential","page_number":113,"box":{"x":46,"y":183,"width":871,"height":11}},{"id":"290f85ed-b9cd-4786-ab3e-f12b3eac73f0","block_type":"box","text":"trade war between China and the U.S. as each country has imposed tariffs on the other. These actions and their consequences (which are","page_number":113,"box":{"x":46,"y":197,"width":880,"height":11}},{"id":"2be016d7-5f3d-4c2c-bbad-4e72a22b7992","block_type":"box","text":"difficult to predict) could have a negative impact on a Fund’s performance. It is unclear whether further tariffs or other escalating actions","page_number":113,"box":{"x":46,"y":211,"width":875,"height":11}},{"id":"69497604-6d7e-4149-8628-6f42c93ca243","block_type":"box","text":"may occur.","page_number":113,"box":{"x":46,"y":228,"width":68,"height":8}},{"id":"bfc7a718-b87e-451e-8576-a559ae308b3b","block_type":"box","text":"In addition, certain Chinese companies (which may change from time to time) are directly or indirectly subject to economic or trade","page_number":113,"box":{"x":46,"y":249,"width":841,"height":11}},{"id":"1ca019e9-e80e-458d-b3b0-0290730c23b1","block_type":"box","text":"restrictions imposed by the U.S. or other governments due to national security, human rights or other concerns of such government. For","page_number":113,"box":{"x":46,"y":263,"width":873,"height":11}},{"id":"024ca2df-6a0b-4851-92a0-ad79395a3c2f","block_type":"box","text":"example, certain foreign technology companies are subject to export controls as those companies are believed to pose a risk to U.S.","page_number":113,"box":{"x":46,"y":277,"width":848,"height":11}},{"id":"0bb3ef6a-2eee-4bc5-b14f-68e567f3c886","block_type":"box","text":"interests. The U.S. also bans imports of goods produced in certain regions of China or by certain Chinese companies due to concerns about","page_number":113,"box":{"x":46,"y":291,"width":893,"height":11}},{"id":"80f605ad-733d-49f7-9143-6c353a003e9a","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that targets","page_number":113,"box":{"x":45,"y":305,"width":898,"height":11}},{"id":"4f990678-aa7c-4437-918f-d11b6bf94c2c","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":113,"box":{"x":46,"y":320,"width":863,"height":11}},{"id":"099e8841-7e29-4557-ab40-ffff1adedafa","block_type":"box","text":"Fund’s Underlying Index may include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed","page_number":113,"box":{"x":46,"y":334,"width":897,"height":11}},{"id":"aaac6493-f37a-4911-a824-68e8317e96e6","block_type":"box","text":"by the U.S. or other governments. So long as these restrictions do not include restrictions on investments, a Fund is generally expected to","page_number":113,"box":{"x":46,"y":348,"width":884,"height":11}},{"id":"b1eb1278-4f35-4353-8a85-876483bfbe6a","block_type":"box","text":"invest in such companies, consistent with its objective to track the performance of its Underlying Index. Other economic challenges for China","page_number":113,"box":{"x":46,"y":362,"width":905,"height":11}},{"id":"3df38153-701c-4c60-a559-1872d0f3bce9","block_type":"box","text":"include indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its","page_number":113,"box":{"x":46,"y":376,"width":892,"height":11}},{"id":"0d56c9b7-1e0d-4ca4-aa36-5c13e374a8be","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":113,"box":{"x":46,"y":391,"width":577,"height":10}},{"id":"7602e3ff-4398-4e28-a463-9a8167b93c15","block_type":"box","text":"Expropriation Risk.","page_number":113,"box":{"x":46,"y":414,"width":116,"height":11}},{"id":"22301fb0-ce96-4e76-b6f3-15bd72e11a4e","block_type":"box","text":"The Chinese government maintains a major role in economic policymaking, and investing in China involves risk of loss due","page_number":113,"box":{"x":167,"y":414,"width":782,"height":11}},{"id":"9a7ee711-e982-4d2b-b9b6-b7194e98a22a","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":113,"box":{"x":46,"y":428,"width":841,"height":11}},{"id":"5d49b416-9870-4adc-ba4a-96a780504e45","block_type":"box","text":"repatriation of capital invested.","page_number":113,"box":{"x":46,"y":442,"width":198,"height":11}},{"id":"64789c6d-9fe2-4213-bb53-261b09c13bfe","block_type":"box","text":"Security Risk.","page_number":113,"box":{"x":46,"y":465,"width":83,"height":11}},{"id":"b115f92c-7a7b-4978-8d7c-3d152319500f","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":113,"box":{"x":136,"y":465,"width":770,"height":11}},{"id":"14629eb0-ca53-4955-9fb5-2b91ef600b88","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":113,"box":{"x":46,"y":480,"width":848,"height":10}},{"id":"8467120d-21b7-4aa6-818b-4b0efe80bdca","block_type":"box","text":"sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary. The Chinese military has conducted military","page_number":113,"box":{"x":46,"y":494,"width":898,"height":11}},{"id":"52dcd96e-f8fa-43ca-869b-291e6979fd2c","block_type":"box","text":"drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based companies and individuals are significant investors in China.","page_number":113,"box":{"x":46,"y":508,"width":886,"height":11}},{"id":"e0a10ca2-a342-4969-9f4d-bfac32b72b69","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on their economies and markets and on the value of a Fund’s","page_number":113,"box":{"x":46,"y":522,"width":878,"height":11}},{"id":"7abaaef3-46e1-4d59-a956-7a882cb074c9","block_type":"box","text":"investments in China, Taiwan or the region, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may","page_number":113,"box":{"x":46,"y":536,"width":887,"height":11}},{"id":"7351df6c-d2f3-4c61-8102-bde55cc31f2c","block_type":"box","text":"otherwise make such investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a","page_number":113,"box":{"x":46,"y":550,"width":883,"height":11}},{"id":"b3baac9f-d498-4b43-adf5-0e377276a72e","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":113,"box":{"x":46,"y":565,"width":353,"height":10}},{"id":"5f684621-1b35-4c73-99c7-e6a232b5a175","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":113,"box":{"x":45,"y":588,"width":867,"height":11}},{"id":"b263d825-9126-4c68-b7ff-2b2d26a4b132","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":113,"box":{"x":45,"y":602,"width":877,"height":11}},{"id":"13026208-9e66-426e-a1fa-3a3d3de93c93","block_type":"box","text":"controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers in","page_number":113,"box":{"x":46,"y":616,"width":871,"height":11}},{"id":"7663625e-3c0f-42fb-a9b4-90d5d30610b2","block_type":"box","text":"which a Fund invests. It may be impossible or impracticable for a Fund to hold, transact in or value securities of sanctioned companies, and","page_number":113,"box":{"x":45,"y":630,"width":892,"height":11}},{"id":"efa00202-c7fe-4d96-b6d5-55e0362dc695","block_type":"box","text":"there may be a significant decrease in the valuation of such securities. Relations between China’s Han ethnic majority and other ethnic","page_number":113,"box":{"x":46,"y":645,"width":862,"height":10}},{"id":"dbe79467-1ccd-420b-9591-b653f8c3adaa","block_type":"box","text":"groups in China, including Tibetans and Uighurs, are also strained and have been marked, historically, by protests and violence. These","page_number":113,"box":{"x":46,"y":659,"width":854,"height":11}},{"id":"a1ae205e-aafb-4959-942e-2f74d1b9c106","block_type":"box","text":"situations may cause uncertainty in the Chinese markets and may adversely affect the Chinese economy. In addition, conflict on the Korean","page_number":113,"box":{"x":46,"y":673,"width":893,"height":11}},{"id":"3004f080-ad81-446d-9884-b9b82533cf3e","block_type":"box","text":"Peninsula could adversely affect the Chinese economy. Such risks, among others, may adversely affect the value of a Fund’s investments.","page_number":113,"box":{"x":46,"y":687,"width":880,"height":11}},{"id":"42a04671-f29f-4f54-afdb-36e5f1748bba","block_type":"box","text":"Chinese Equity Markets.","page_number":113,"box":{"x":46,"y":710,"width":150,"height":11}},{"id":"58f69a71-15e0-4152-a6bb-b09235b67b33","block_type":"box","text":"There are several types of Chinese equity securities, including H-shares, A-shares, B-shares, Red-Chips and/or","page_number":113,"box":{"x":202,"y":710,"width":710,"height":11}},{"id":"e86ba5d5-489f-407f-87b6-069d94c1cbf3","block_type":"box","text":"P-Chips. The issuance of B-shares and H-shares by Chinese companies and the ability to obtain a “back-door listing” through Red-Chips or","page_number":113,"box":{"x":46,"y":724,"width":885,"height":11}},{"id":"89cb0f85-071f-4885-8e96-5bcd5f5221da","block_type":"box","text":"P-Chips is still regarded by the Chinese authorities as an experiment in economic reform. “Back-door listing” is a means by which a mainland","page_number":113,"box":{"x":46,"y":739,"width":900,"height":10}},{"id":"ce3811fe-d474-4131-9447-9cca967fa39b","block_type":"box","text":"Chinese company issues Red-Chips or P-Chips to obtain quick access to international listing and international capital. These share","page_number":113,"box":{"x":46,"y":753,"width":834,"height":11}},{"id":"3de3f16a-1c64-4c80-8833-47d2f4f0fe48","block_type":"box","text":"mechanisms are subject to the political and economic policies in China. In the Chinese securities markets, a small number of issuers may","page_number":113,"box":{"x":46,"y":767,"width":880,"height":11}},{"id":"993d064a-56b4-4716-8c46-5b550a3e9fb1","block_type":"box","text":"represent a large portion of the entire market. The Chinese securities markets also may be subject to more frequent trading halts, low trading","page_number":113,"box":{"x":46,"y":781,"width":906,"height":11}},{"id":"56659f5a-8407-465a-9fd5-5749dd478d69","block_type":"box","text":"volume and price volatility.","page_number":113,"box":{"x":45,"y":795,"width":170,"height":11}},{"id":"50e9544c-5843-4cf4-a5b9-e2acc5147a03","block_type":"box","text":"Hong Kong Political Risk.","page_number":113,"box":{"x":46,"y":819,"width":154,"height":10}},{"id":"e03e29b0-9340-43fd-b602-20fe7b0be5d0","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":113,"box":{"x":207,"y":819,"width":692,"height":10}},{"id":"0e78e153-16f1-470b-9be7-def3fcd6ca25","block_type":"box","text":"People’s Republic of China (“PRC”) under the principle of “one country, two systems.” Although China is obligated by treaty to maintain the","page_number":113,"box":{"x":46,"y":833,"width":888,"height":11}},{"id":"e23e08b9-4190-4b04-9a37-45a18343719e","block_type":"box","text":"current capitalist economic and social system of Hong Kong through June 30, 2047, the continuation of economic and social freedoms","page_number":113,"box":{"x":46,"y":847,"width":861,"height":11}},{"id":"b565e618-f9bc-4210-a0ea-848102be961f","block_type":"box","text":"enjoyed in Hong Kong is dependent on the government of China. Hong Kong has experienced protests and unrest related to China’s control,","page_number":113,"box":{"x":46,"y":861,"width":895,"height":11}},{"id":"336a2c63-4f06-4dd3-94d1-55b0c0dcb62d","block_type":"box","text":"and tensions have increased between China and Hong Kong. Due to the interconnected nature of the Hong Kong and Chinese economies,","page_number":113,"box":{"x":46,"y":875,"width":880,"height":11}},{"id":"09c087ff-90f9-44d6-a95e-b4af5c42479e","block_type":"box","text":"instability in Hong Kong may adversely affect the Hong Kong and Chinese markets. Other countries’ perceptions of the degree of","page_number":113,"box":{"x":46,"y":889,"width":823,"height":11}},{"id":"5e07e6e8-8a3b-4ee0-ad86-6be5269f62b7","block_type":"box","text":"convergence between China and Hong Kong, such as with respect to trade, and resulting actions also may impact both economies. In","page_number":113,"box":{"x":46,"y":904,"width":853,"height":10}},{"id":"e71e8920-6401-4043-a95f-c86a2316d045","block_type":"box","text":"20","page_number":113,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"d41d9267-57c3-4ad6-a428-769c48dd32c4","block_type":"box","text":"addition, the Hong Kong dollar trades at a fixed exchange rate in relation to (or is “pegged” to) the U.S. dollar, which has contributed to the","page_number":114,"box":{"x":46,"y":46,"width":888,"height":11}},{"id":"c61fb1c8-bc0a-4fa6-9960-624106c3936c","block_type":"box","text":"growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the","page_number":114,"box":{"x":46,"y":61,"width":838,"height":10}},{"id":"3c1cf687-e757-41cb-acbd-111ca2a1fcb3","block_type":"box","text":"establishment of an alternative exchange rate system would have on Hong Kong’s economy. Such a change could result in a decline in a","page_number":114,"box":{"x":46,"y":75,"width":869,"height":11}},{"id":"7025d8d6-8aaf-4684-950e-3fc034bcbecc","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":114,"box":{"x":46,"y":89,"width":385,"height":8}},{"id":"14537b85-cbd3-4e3b-8272-ca1a602d3841","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":114,"box":{"x":46,"y":112,"width":376,"height":11}},{"id":"6bd26d1f-3ff2-4ad7-849a-77ace9faabb6","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":114,"box":{"x":428,"y":112,"width":462,"height":11}},{"id":"d76c5b57-1a1f-49fd-98af-cbfa30dfd26d","block_type":"box","text":"exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more","page_number":114,"box":{"x":46,"y":126,"width":896,"height":11}},{"id":"27759167-1039-411c-a4cd-3d30370250fa","block_type":"box","text":"developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete.","page_number":114,"box":{"x":46,"y":140,"width":855,"height":11}},{"id":"f3b471ed-de42-4adf-ab5f-7a2898e0428b","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor","page_number":114,"box":{"x":46,"y":155,"width":864,"height":11}},{"id":"e1010c3b-6891-4374-99b4-ef3f62653194","block_type":"box","text":"oversight requirements, or for other reasons, which would significantly decrease the liquidity and value of the securities. There may be","page_number":114,"box":{"x":46,"y":169,"width":859,"height":11}},{"id":"b0317d64-7729-43b3-b6e6-79c4f9d99abf","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":114,"box":{"x":46,"y":183,"width":876,"height":11}},{"id":"265633c8-f388-42af-bf75-87c0503f4c15","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":114,"box":{"x":46,"y":197,"width":738,"height":11}},{"id":"a839da99-f094-4c6e-8470-491cfd8f9049","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of foreign ownership","page_number":114,"box":{"x":46,"y":220,"width":889,"height":11}},{"id":"1c521017-1e31-42c8-bf5c-0d9adc0a130b","block_type":"box","text":"restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another jurisdiction to issue stock to public","page_number":114,"box":{"x":46,"y":235,"width":869,"height":10}},{"id":"b478c9c0-b855-41f3-8194-165835dad4a5","block_type":"box","text":"shareholders. When a VIE structure is used by a Chinese company to list its stock in the U.S., instead of owning the equity securities of the","page_number":114,"box":{"x":46,"y":249,"width":887,"height":11}},{"id":"894d69dc-2df0-4d8d-b076-dac4ff4c3d07","block_type":"box","text":"Chinese company, the U.S.-listed shell company directly or indirectly enters into contracts with the Chinese operating company under","page_number":114,"box":{"x":46,"y":263,"width":858,"height":11}},{"id":"8f58a1ec-bf54-40ef-a6bc-a094261920e7","block_type":"box","text":"Chinese law. These contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":114,"box":{"x":46,"y":277,"width":852,"height":11}},{"id":"d0827437-3644-467c-af62-b21991c7105f","block_type":"box","text":"represent equity ownership in the operating company.","page_number":114,"box":{"x":46,"y":291,"width":344,"height":11}},{"id":"bb0ba0e0-3cc0-49a1-af5c-827cc8ec8c98","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been formally recognized under","page_number":114,"box":{"x":45,"y":315,"width":888,"height":10}},{"id":"6d9cb02b-2402-48f7-b2ef-460f2cdf8a4c","block_type":"box","text":"Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based companies raising capital offshore,","page_number":114,"box":{"x":46,"y":329,"width":905,"height":11}},{"id":"aab7b5b8-7545-42fd-b919-b8e93e5390a7","block_type":"box","text":"including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use of VIE","page_number":114,"box":{"x":46,"y":343,"width":848,"height":11}},{"id":"170cf0b8-a52a-4a1c-91d2-3d48a74251f0","block_type":"box","text":"structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo","page_number":114,"box":{"x":46,"y":357,"width":890,"height":11}},{"id":"5df33239-682b-40f4-86c0-070c708fc495","block_type":"box","text":"greater scrutiny and add costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":114,"box":{"x":46,"y":371,"width":855,"height":11}},{"id":"0481a6f4-e6a0-40d0-9d11-66d5b4c96b3e","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s business in China, the","page_number":114,"box":{"x":46,"y":385,"width":898,"height":11}},{"id":"3505c3af-460f-468a-a41e-05be61330c3a","block_type":"box","text":"enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese company and the value of the U.S.-listed stock.","page_number":114,"box":{"x":46,"y":400,"width":892,"height":10}},{"id":"29402f9c-98bc-4272-8ef9-083f1719356b","block_type":"box","text":"Further, the VIE contractual arrangement would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed","page_number":114,"box":{"x":46,"y":414,"width":880,"height":11}},{"id":"6eeb8757-2ddd-4592-bbee-e7ce6c34055b","block_type":"box","text":"shell company are uncertain and could be ineffective. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":114,"box":{"x":46,"y":428,"width":904,"height":11}},{"id":"fb1177d6-9361-4517-a9dc-79bb1585d193","block_type":"box","text":"arrangements or the legal or regulatory environment in China, generally or with respect to specific industries, could result in significant, and","page_number":114,"box":{"x":46,"y":442,"width":894,"height":11}},{"id":"a3d3f406-d075-49a1-a2b9-76f5cd645f37","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":114,"box":{"x":46,"y":456,"width":324,"height":11}},{"id":"edca3a02-d67e-4d90-ac4c-b869fac80175","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":114,"box":{"x":46,"y":479,"width":285,"height":11}},{"id":"1631ae5b-06bc-49fd-8ee9-93cd6b408940","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":114,"box":{"x":337,"y":480,"width":569,"height":10}},{"id":"3a40c77b-daac-4653-8976-03984a509d8e","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":114,"box":{"x":46,"y":494,"width":878,"height":11}},{"id":"3fd59ef0-922a-4e89-84e1-61f27e95c8a7","block_type":"box","text":"sectors (","page_number":114,"box":{"x":46,"y":508,"width":55,"height":11}},{"id":"efa50797-4e82-4025-bfdf-ac9e4c0a1ce9","block_type":"box","text":"e.g.,","page_number":114,"box":{"x":102,"y":510,"width":25,"height":9}},{"id":"1f48881b-f347-4bc7-8cb0-c53a939827ac","block_type":"box","text":"the financial services sector) as the primary means of economic growth. A prolonged slowdown in one or more services sectors","page_number":114,"box":{"x":133,"y":508,"width":817,"height":11}},{"id":"47b9096c-8cde-4308-8693-52ea2fa4814b","block_type":"box","text":"is likely to have a negative impact on economies of certain developed countries, although economies of individual developed countries can","page_number":114,"box":{"x":46,"y":522,"width":886,"height":11}},{"id":"6de9f5ce-cee4-424f-a0d9-53a753671b3a","block_type":"box","text":"be impacted by slowdowns in other sectors. In the past, certain developed countries have been targets of terrorism, and some geographic","page_number":114,"box":{"x":46,"y":536,"width":883,"height":11}},{"id":"d9526cb6-00d7-46fe-bea4-2aeb01eb1cd8","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":114,"box":{"x":46,"y":550,"width":874,"height":11}},{"id":"5e593448-bf6a-4137-a57b-25da36e8fd2c","block_type":"box","text":"concerns and other security concerns. These situations may cause uncertainty in the financial markets in these countries or geographic","page_number":114,"box":{"x":46,"y":565,"width":867,"height":10}},{"id":"e92f46da-5b64-4f67-ac2d-9e14727beab9","block_type":"box","text":"areas and may adversely affect the performance of the issuers to which a Fund has exposure. Heavy regulation of certain markets, including","page_number":114,"box":{"x":46,"y":579,"width":897,"height":11}},{"id":"af704f89-e864-41f9-b3b3-c54e07e96cc1","block_type":"box","text":"labor and product markets, may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause","page_number":114,"box":{"x":46,"y":593,"width":900,"height":11}},{"id":"dab32aa2-e6ca-456f-b8b6-d9bdbbe51d64","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":114,"box":{"x":46,"y":607,"width":860,"height":11}},{"id":"c7987f62-2732-4d92-9c95-59de37513ad8","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":114,"box":{"x":46,"y":621,"width":876,"height":11}},{"id":"68ee0ef8-a4fb-448b-b741-477d5de2c34a","block_type":"box","text":"country economies.","page_number":114,"box":{"x":46,"y":636,"width":125,"height":10}},{"id":"8d17fbd8-8d7b-49ac-bc83-dd1a52b462ca","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":114,"box":{"x":46,"y":659,"width":267,"height":11}},{"id":"98ec962b-e8e2-424c-b249-bcd3999da20b","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":114,"box":{"x":319,"y":659,"width":625,"height":11}},{"id":"4610955c-d346-4ed3-923e-fbbf3eae2cb1","block_type":"box","text":"in issuers located or operating in more developed markets. This is due to, among other things, the potential for greater market volatility,","page_number":114,"box":{"x":46,"y":673,"width":869,"height":11}},{"id":"48d9e439-142c-4a45-8fcb-b0b5bc3bbb0e","block_type":"box","text":"lower trading volume, higher levels of inflation, social, political or economic instability, greater risk of a market shutdown and more","page_number":114,"box":{"x":46,"y":687,"width":836,"height":11}},{"id":"f18cc2b2-79cb-425a-a55a-9c7ed1ad1825","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":114,"box":{"x":46,"y":701,"width":838,"height":11}},{"id":"278a41c1-5e51-45b3-96b0-668ab11c9977","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":114,"box":{"x":46,"y":724,"width":876,"height":11}},{"id":"fac945ea-3286-49c2-b4fb-13be160dcc85","block_type":"box","text":"significant devaluations of their currency, or economic recessions, which would have a negative effect on the economies and financial","page_number":114,"box":{"x":46,"y":739,"width":855,"height":10}},{"id":"67b4592b-9635-46e2-8890-c8a7f6cc5bfe","block_type":"box","text":"markets of their economies. Some of these countries may impose restrictions on the exchange or export of currency or adverse currency","page_number":114,"box":{"x":46,"y":753,"width":878,"height":11}},{"id":"55c91924-3080-4066-a07e-e3d96e043baa","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":114,"box":{"x":46,"y":767,"width":533,"height":11}},{"id":"d4429f0d-c6ef-4000-9897-5653d40a3704","block_type":"box","text":"Disparities of wealth, the pace and success of democratization and ethnic, religious and racial disaffection, among other factors, may","page_number":114,"box":{"x":46,"y":790,"width":853,"height":11}},{"id":"0b5794d2-0f74-489d-a00f-037ef1499104","block_type":"box","text":"exacerbate unrest or violence in certain countries. Unanticipated or sudden political or social developments may result in sudden and","page_number":114,"box":{"x":46,"y":804,"width":854,"height":11}},{"id":"b2a1f5b6-c90d-4d21-8f0d-103d9f908bad","block_type":"box","text":"significant investment losses.","page_number":114,"box":{"x":46,"y":819,"width":188,"height":10}},{"id":"c0b9a365-5fea-4357-95c1-b3e08b411d53","block_type":"box","text":"Companies in many emerging markets are not subject to the same degree of regulatory requirements, accounting standards or auditor","page_number":114,"box":{"x":46,"y":842,"width":863,"height":11}},{"id":"8d810fa5-7e5a-46ad-bcbd-0744682dd648","block_type":"box","text":"oversight as companies in more developed countries, and as a result, information about the securities in which a Fund invests may be less","page_number":114,"box":{"x":46,"y":856,"width":884,"height":11}},{"id":"55342739-96b9-4408-b907-4f7c78c6eac5","block_type":"box","text":"reliable or complete. Moreover, emerging markets often have less reliable securities valuations and greater risks associated with the custody","page_number":114,"box":{"x":46,"y":870,"width":903,"height":11}},{"id":"b72efc70-4769-4019-ac88-f23d60ed1b3e","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":114,"box":{"x":46,"y":884,"width":854,"height":11}},{"id":"a16f6be1-9482-4245-8776-b295f8b7d7dd","block_type":"box","text":"21","page_number":114,"box":{"x":492,"y":944,"width":12,"height":8}},{"id":"9ec0f56b-fa75-45d3-ba7c-3408e3659e87","block_type":"box","text":"litigation against companies, and shareholders may have limited legal remedies. A Fund’s investments are not selected based on investor","page_number":115,"box":{"x":46,"y":46,"width":879,"height":11}},{"id":"1c5a63eb-97df-4124-8ade-5dad13645a36","block_type":"box","text":"protection considerations.","page_number":115,"box":{"x":46,"y":61,"width":167,"height":10}},{"id":"4f048619-6181-4234-a14d-08e5ad34a6de","block_type":"box","text":"In addition, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than","page_number":115,"box":{"x":46,"y":84,"width":852,"height":11}},{"id":"9bb8028c-3596-4784-a655-cb5fac1d6cef","block_type":"box","text":"developed markets. Certain emerging market countries may also lack the infrastructure necessary to attract large amounts of foreign trade","page_number":115,"box":{"x":46,"y":98,"width":891,"height":11}},{"id":"98fdc11a-9c11-4f39-aae0-db67a1110b78","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":115,"box":{"x":46,"y":112,"width":765,"height":11}},{"id":"50dec1be-e3c4-4d5e-bb9e-ec47e4736081","block_type":"box","text":"Local securities markets in emerging market countries may trade a small number of securities and may be unable to respond effectively to","page_number":115,"box":{"x":47,"y":135,"width":885,"height":11}},{"id":"5606a8bf-932a-494d-98db-9bab06f551a8","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":115,"box":{"x":46,"y":150,"width":857,"height":10}},{"id":"a2d0d3e2-b461-4810-9ca8-f2e61b9b936d","block_type":"box","text":"emerging market countries are frequently less developed and reliable than those in the U.S. (and other developed countries). In addition,","page_number":115,"box":{"x":46,"y":164,"width":874,"height":11}},{"id":"b6ef3907-221f-42ac-ba18-49c41a6bc696","block_type":"box","text":"significant delays may occur in certain markets in registering the transfer of securities. Settlement or registration problems may make it","page_number":115,"box":{"x":46,"y":178,"width":870,"height":11}},{"id":"60f59132-b7a8-45f6-aad6-b9ba98984f99","block_type":"box","text":"more difficult for a Fund to value its portfolio securities and could have an adverse effect on a Fund in seeking to achieve its investment","page_number":115,"box":{"x":46,"y":192,"width":867,"height":11}},{"id":"f503decf-98bb-492e-96dc-64a53c4b0f13","block_type":"box","text":"objective.","page_number":115,"box":{"x":46,"y":206,"width":61,"height":11}},{"id":"a1fdb610-e903-4d9a-8392-662dd90b8522","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those caused by environmental","page_number":115,"box":{"x":45,"y":229,"width":859,"height":11}},{"id":"c4aec1f3-92bb-4166-9ef4-350a8f16500f","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":115,"box":{"x":46,"y":244,"width":863,"height":10}},{"id":"55188b2f-b492-4441-a0bc-f42a59841cc8","block_type":"box","text":"generally less available or transparent in these markets.","page_number":115,"box":{"x":46,"y":258,"width":357,"height":11}},{"id":"915461cf-9fc6-4b26-b7e8-908106d2fd6a","block_type":"box","text":"Investments in emerging market countries may be subject to loss due to expropriation, nationalization, confiscation of assets and property or","page_number":115,"box":{"x":46,"y":281,"width":905,"height":11}},{"id":"44f1fa8e-aa31-4624-9ead-d16827fde951","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":115,"box":{"x":46,"y":295,"width":699,"height":11}},{"id":"e98aea85-16cf-4e29-a6f2-aa391fc1173d","block_type":"box","text":"Risk of Investing in India.","page_number":115,"box":{"x":46,"y":318,"width":174,"height":11}},{"id":"0e49d7b1-7652-4c1a-aaf9-9b18be19da30","block_type":"box","text":"India is an emerging market country and exhibits significantly greater market volatility from time to time in","page_number":115,"box":{"x":226,"y":318,"width":681,"height":11}},{"id":"a88cf25d-3827-4b1a-bc7a-3b74f1cf1c2e","block_type":"box","text":"comparison to more developed markets. Political and legal uncertainty, greater government control over the economy, currency fluctuations","page_number":115,"box":{"x":46,"y":333,"width":898,"height":10}},{"id":"5bdbe035-d0ca-414d-bf65-ed366e7ab9f7","block_type":"box","text":"or blockage, and the risk of nationalization or expropriation of assets may result in higher potential for losses.","page_number":115,"box":{"x":46,"y":347,"width":700,"height":11}},{"id":"7b7ce683-8c4a-41b0-9ceb-bbd75d7797fc","block_type":"box","text":"Moreover, governmental actions can have a significant effect on the economic conditions in India, which could adversely affect the value and","page_number":115,"box":{"x":46,"y":370,"width":901,"height":11}},{"id":"a0130c25-6339-478a-b7bb-e8e44bef518d","block_type":"box","text":"liquidity of a Fund’s investments. In November 2016, the Indian government eliminated certain large denomination cash notes as legal tender,","page_number":115,"box":{"x":46,"y":384,"width":905,"height":11}},{"id":"bf44398a-6fc7-4906-b4bb-7948ef7378b5","block_type":"box","text":"causing uncertainty in certain financial markets.","page_number":115,"box":{"x":46,"y":398,"width":306,"height":11}},{"id":"a859f564-8a81-4b8f-a2fe-17bb2f834810","block_type":"box","text":"Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. In addition, the","page_number":115,"box":{"x":46,"y":422,"width":879,"height":10}},{"id":"775688f7-3c6a-4c6d-a014-00ec9446b76f","block_type":"box","text":"Reserve Bank of India (“RBI”) has imposed limits on foreign ownership of Indian securities, which may decrease the liquidity of a Fund’s","page_number":115,"box":{"x":46,"y":436,"width":865,"height":11}},{"id":"7fc33708-b8cb-42fd-b25e-da44d9bfa323","block_type":"box","text":"portfolio and result in extreme volatility in the prices of Indian securities. These factors, coupled with the lack of extensive accounting,","page_number":115,"box":{"x":46,"y":450,"width":858,"height":11}},{"id":"f37e658e-028f-4d16-b522-7e036c0c910d","block_type":"box","text":"auditing and financial reporting standards and practices, as compared to the U.S., may increase a Fund’s risk of loss.","page_number":115,"box":{"x":46,"y":464,"width":747,"height":11}},{"id":"97796c1b-4aed-4ae5-85a3-9c8a99b7391c","block_type":"box","text":"Risk of Investing in Infrastructure and Industrials Solutions Companies.","page_number":115,"box":{"x":46,"y":487,"width":500,"height":11}},{"id":"145ffd22-f53d-4d58-9caa-882634a7f90f","block_type":"box","text":"Companies that provide infrastructure and industrials","page_number":115,"box":{"x":551,"y":487,"width":344,"height":11}},{"id":"e736678c-f36c-4ad3-83c3-d1a490523078","block_type":"box","text":"solutions follow one of three key themes: (1) energy efficiency and emissions mitigation, (2) pollution reduction, or (3) land and resource","page_number":115,"box":{"x":46,"y":501,"width":870,"height":11}},{"id":"2ba183ee-82d3-4e6b-94f7-b1ae8bcd8719","block_type":"box","text":"optimization. These companies include companies from the basic materials, industrials, and utilities industries and represent a spectrum of","page_number":115,"box":{"x":46,"y":516,"width":891,"height":10}},{"id":"cecf6429-0b29-42c3-a70a-06da61675f46","block_type":"box","text":"business models, such as clean transportation manufacturers and environmental cleanup services. Consequently, infrastructure and","page_number":115,"box":{"x":46,"y":530,"width":847,"height":11}},{"id":"097114a3-e58e-4ff9-9ee6-0d8cf039c7d6","block_type":"box","text":"industrials solutions companies may be affected differently by changes to economic and local conditions and to demand for specific","page_number":115,"box":{"x":46,"y":544,"width":844,"height":11}},{"id":"c2e5d635-faf9-4497-9879-584e943edec0","block_type":"box","text":"infrastructure and industrials solutions. In addition, such companies may not derive their revenues entirely from providing infrastructure and","page_number":115,"box":{"x":46,"y":558,"width":896,"height":11}},{"id":"e556ff70-b1ec-4c5b-b7f5-cabd75e5a8dc","block_type":"box","text":"industrials solutions, but may be exposed to the market and business risks of other business models, industries or sectors, and the Fund may","page_number":115,"box":{"x":46,"y":572,"width":905,"height":11}},{"id":"3d578a4c-826f-4224-ad02-334a6f207710","block_type":"box","text":"be adversely affected by negative developments impacting those other business models, industries and sectors.","page_number":115,"box":{"x":46,"y":587,"width":717,"height":10}},{"id":"69103f16-407a-4991-9eb2-8d9b3a31bb59","block_type":"box","text":"Companies that provide infrastructure and industrials solutions may be subject to a variety of factors that could adversely affect their","page_number":115,"box":{"x":46,"y":610,"width":854,"height":11}},{"id":"e3e38fb6-a639-4f65-8ef6-ea874c989c61","block_type":"box","text":"business or operations, including the effects of climate change, high costs to develop or deploy products or services, high degrees of","page_number":115,"box":{"x":46,"y":624,"width":851,"height":11}},{"id":"6c6a8894-eee3-47a7-8563-8ac533d23b81","block_type":"box","text":"leverage, costs associated with governmental, environmental and other regulations, the effects of economic slowdowns, increased","page_number":115,"box":{"x":46,"y":638,"width":836,"height":11}},{"id":"e4415ad1-fde7-4fa5-8d80-6e5dc447a137","block_type":"box","text":"competition from other providers of services, uncertainties concerning costs, the levels of government and private spending on","page_number":115,"box":{"x":46,"y":652,"width":814,"height":11}},{"id":"b82f546a-69b1-44b5-92f1-106c08f8bdfc","block_type":"box","text":"environmental and infrastructure projects, and other factors. Infrastructure and industrials solutions companies also may be adversely","page_number":115,"box":{"x":46,"y":666,"width":860,"height":11}},{"id":"240acf7c-d55a-4986-8773-2aace238fbb4","block_type":"box","text":"affected by supply chain constraints, commodity price volatility, changes in exchange rates, import controls, depletion of resources,","page_number":115,"box":{"x":46,"y":681,"width":843,"height":10}},{"id":"7034bc77-d7c0-4cda-9679-eff57fad2dd5","block_type":"box","text":"technological developments, and labor relations. Infrastructure and industrials solutions companies can be significantly affected by","page_number":115,"box":{"x":46,"y":695,"width":839,"height":11}},{"id":"d5299e27-7483-4e1b-9198-f21c453eb7ef","block_type":"box","text":"government spending policies because these companies may rely to a significant extent on U.S. and other government demand for their","page_number":115,"box":{"x":46,"y":709,"width":870,"height":11}},{"id":"d73eeac4-1a6d-4edc-9f91-a0d86fc04967","block_type":"box","text":"products. There is also the risk that corruption may negatively affect publicly funded infrastructure and industrials solutions projects,","page_number":115,"box":{"x":46,"y":723,"width":850,"height":11}},{"id":"c78feb85-cac6-4080-a62b-8984373a9cc5","block_type":"box","text":"resulting in delays and cost overruns.","page_number":115,"box":{"x":46,"y":737,"width":237,"height":11}},{"id":"fe170b26-5867-4ad9-8a3a-3af57292dcd9","block_type":"box","text":"Risk of Investing in Japan.","page_number":115,"box":{"x":46,"y":760,"width":179,"height":11}},{"id":"9c01845e-5c2e-4ee8-93cf-662e4995ecdd","block_type":"box","text":"Investing in Japanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":115,"box":{"x":231,"y":761,"width":713,"height":10}},{"id":"3116c5a8-decb-4af3-8dba-302ed3277f91","block_type":"box","text":"security risks that are specific to Japan. Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":115,"box":{"x":46,"y":775,"width":902,"height":11}},{"id":"1011a269-e1ed-4ab1-96f2-6690e3d088dc","block_type":"box","text":"it may continue to remain low. Its economy depends heavily on international trade and government policy supporting its export market.","page_number":115,"box":{"x":46,"y":789,"width":864,"height":11}},{"id":"68d8bba6-3533-46b2-a78a-ea70a5bdd06a","block_type":"box","text":"Economic downturns or political instability in its key trading partners, which include the United States and China, could have an adverse","page_number":115,"box":{"x":46,"y":803,"width":869,"height":11}},{"id":"331aac65-1a8f-4e68-845a-e35ff62ee18f","block_type":"box","text":"effect on the Japanese economy. Currency fluctuations also could adversely impact Japan’s export market and its economy. If the Japanese","page_number":115,"box":{"x":46,"y":817,"width":889,"height":11}},{"id":"b0cbbad7-9d3d-4cbe-be69-4f29ab74a190","block_type":"box","text":"government were to intervene in the currency market, as it has in the past, the yen’s value could fluctuate sharply and unpredictably, which","page_number":115,"box":{"x":46,"y":831,"width":891,"height":11}},{"id":"2dde00f6-e307-4b5f-b544-41f26293389a","block_type":"box","text":"could cause losses to investors.","page_number":115,"box":{"x":46,"y":846,"width":203,"height":8}},{"id":"00b3627c-ac53-478d-998c-0572ca8fe69d","block_type":"box","text":"Other risks to Japan’s economic growth and competitiveness include significant public debt and deficits as well as labor shortages due to an","page_number":115,"box":{"x":46,"y":869,"width":895,"height":11}},{"id":"ada84a31-e92d-4a42-80d7-f55821c94ecc","block_type":"box","text":"aging and declining population. In addition, Japan lacks many natural resources and relies heavily on imports of oil and other commodities.","page_number":115,"box":{"x":46,"y":883,"width":885,"height":11}},{"id":"7bf3eada-1374-43d9-81e8-d114a669e708","block_type":"box","text":"Price increases, shortages or volatility in commodities markets could have a negative effect on Japan’s economy. Other risks to the Japanese","page_number":115,"box":{"x":46,"y":897,"width":899,"height":11}},{"id":"5eca3825-6a37-4ca5-ac86-491cddeb7f2b","block_type":"box","text":"economy and financial markets include natural disasters and Japan’s relations with neighboring countries, which at times have been strained.","page_number":115,"box":{"x":46,"y":911,"width":903,"height":11}},{"id":"e1c5f5c4-8bd4-49e4-a5ff-a29a481ff1d9","block_type":"box","text":"22","page_number":115,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"398aba99-42b7-447a-b9c3-1772c8afc7cd","block_type":"box","text":"Risk of Investing in Mexico.","page_number":116,"box":{"x":46,"y":46,"width":189,"height":11}},{"id":"b6dc62e4-ab30-40cb-8d79-e74490fdd616","block_type":"box","text":"Investing in Mexican issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":116,"box":{"x":241,"y":46,"width":709,"height":11}},{"id":"f849ed28-a327-4f85-98ea-ef229dcf58f1","block_type":"box","text":"security risks that are specific to Mexico. Mexico’s economy depends heavily on trading with the United States and certain Latin American","page_number":116,"box":{"x":46,"y":61,"width":884,"height":10}},{"id":"b8cb4e55-efef-424a-8fcc-358a1015463e","block_type":"box","text":"countries and is vulnerable to changes in demand from these key trading partners, particularly the U.S. Economic downturns, political","page_number":116,"box":{"x":46,"y":75,"width":854,"height":11}},{"id":"baed7857-80d7-4a0e-890a-ee5cf55d2c49","block_type":"box","text":"instability or policy changes in these partners could have an adverse effect on the Mexican economy. Mexico’s fiscal health is highly sensitive","page_number":116,"box":{"x":46,"y":89,"width":904,"height":11}},{"id":"507a6524-b439-48bc-876e-ee3ed0923975","block_type":"box","text":"to oil prices and the struggles of the state-owned oil company, Pemex, which provides a significant amount of tax revenue. Other risks facing","page_number":116,"box":{"x":46,"y":103,"width":900,"height":11}},{"id":"325df960-5c4f-4bcd-8600-d8339c713026","block_type":"box","text":"the Mexican economy include elevated public budget deficits, socioeconomic inequality and violence related to drug and organized crime","page_number":116,"box":{"x":46,"y":117,"width":878,"height":11}},{"id":"4f603577-bec4-487c-a084-8b4780d9d025","block_type":"box","text":"activities. Mexico is also vulnerable to natural disasters.","page_number":116,"box":{"x":46,"y":132,"width":357,"height":8}},{"id":"05348639-5f54-4f3f-9d41-e5c89390078f","block_type":"box","text":"Risk of Investing in Russia.","page_number":116,"box":{"x":46,"y":155,"width":186,"height":10}},{"id":"6a5cc6c1-3f81-4861-bc74-3f2b758cad1d","block_type":"box","text":"Investing in Russian securities involves significant risks, in addition to those described under “Risk of Investing","page_number":116,"box":{"x":238,"y":155,"width":708,"height":11}},{"id":"bee3fbe4-89cd-4333-bbae-7efb68b2c0c3","block_type":"box","text":"in Emerging Markets” and “Non-U.S. Securities Risk,” that are not typically associated with investing in U.S. securities, including:","page_number":116,"box":{"x":46,"y":169,"width":824,"height":11}},{"id":"4893e5de-805c-4125-b4e0-5f00970f7557","block_type":"box","text":"The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used","page_number":116,"box":{"x":82,"y":187,"width":857,"height":11}},{"id":"cde6b346-049a-40f5-838e-b78c1180590b","block_type":"box","text":"in Russia;","page_number":116,"box":{"x":83,"y":201,"width":60,"height":10}},{"id":"fe74f18b-885e-4177-bc09-be6b801dd2b9","block_type":"box","text":"Risks in connection with the maintenance of a Fund’s portfolio securities and cash with foreign sub-custodians and securities","page_number":116,"box":{"x":83,"y":219,"width":801,"height":11}},{"id":"8fbb7e90-ca43-49c9-8234-abc9114fa8b3","block_type":"box","text":"depositories, including the risk that appropriate sub-custody arrangements will not be available to a Fund;","page_number":116,"box":{"x":83,"y":233,"width":677,"height":11}},{"id":"d9df04d6-158c-4dc9-abd6-e498bd6f43b5","block_type":"box","text":"The risk that a Fund’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of","page_number":116,"box":{"x":82,"y":251,"width":862,"height":11}},{"id":"9ed3b72c-1f50-4e50-92b0-4eb68c44116a","block_type":"box","text":"Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system;","page_number":116,"box":{"x":83,"y":266,"width":794,"height":10}},{"id":"72fd7074-6485-4402-9c1a-1a6b5b178d59","block_type":"box","text":"The risk that a Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and","page_number":116,"box":{"x":82,"y":284,"width":839,"height":10}},{"id":"7e307896-433d-4f9c-af38-17ad7b7bb122","block_type":"box","text":"custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and","page_number":116,"box":{"x":83,"y":298,"width":751,"height":11}},{"id":"1a03c8cc-fc47-407f-9da5-176172d4c987","block_type":"box","text":"The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian","page_number":116,"box":{"x":82,"y":316,"width":828,"height":11}},{"id":"4a5b8324-7fb8-4208-b30f-8d78a7720b2e","block_type":"box","text":"issuers of securities in which a Fund invests.","page_number":116,"box":{"x":83,"y":330,"width":283,"height":8}},{"id":"9248d817-f32a-4201-8898-e2e35b309e63","block_type":"box","text":"Russian invasion of Ukraine","page_number":116,"box":{"x":46,"y":353,"width":171,"height":9}},{"id":"9f793625-a6fb-4d58-82f2-0b410cf0e885","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":116,"box":{"x":219,"y":353,"width":720,"height":11}},{"id":"a1cebffe-1310-43ef-8582-5c6516aadefa","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":116,"box":{"x":46,"y":367,"width":892,"height":11}},{"id":"cc8baa0b-0d44-4789-aed6-1e257087efb4","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":116,"box":{"x":46,"y":382,"width":887,"height":10}},{"id":"cf5c8c07-40b5-43ee-86be-37db32d8f776","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":116,"box":{"x":46,"y":396,"width":886,"height":11}},{"id":"5260ae38-a3ac-4fd8-ae5e-d69f445deb7c","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":116,"box":{"x":46,"y":410,"width":894,"height":11}},{"id":"dcee2180-cf3e-4bbd-8d9e-bdd30e784081","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":116,"box":{"x":46,"y":424,"width":891,"height":11}},{"id":"923c4479-37e3-4566-bc76-dff374e73451","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":116,"box":{"x":45,"y":438,"width":885,"height":11}},{"id":"21b94929-adb6-404e-afe3-60ed6a5408cd","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":116,"box":{"x":46,"y":452,"width":891,"height":11}},{"id":"d49f1c3b-41fd-45de-a1fa-0d6c9c4782c7","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":116,"box":{"x":46,"y":467,"width":431,"height":10}},{"id":"c967afcf-138a-4cc8-992a-fb8596ca04c2","block_type":"box","text":"Russia Sanctions.","page_number":116,"box":{"x":46,"y":490,"width":109,"height":8}},{"id":"2d80d58c-c4b8-4779-b3e1-7a0538a39580","block_type":"box","text":"Governments, including the U.S., the E.U., the U.K., and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":116,"box":{"x":161,"y":490,"width":783,"height":11}},{"id":"03838f60-bdf9-4d63-b871-54a8f6fb6e1d","block_type":"box","text":"imposed economic sanctions on certain Russian individuals, including politicians, and Russian corporate and banking entities, including","page_number":116,"box":{"x":46,"y":504,"width":866,"height":11}},{"id":"3e2e5238-fd1a-48dc-a1e9-4219528a4310","block_type":"box","text":"banning Russia from global payments systems that facilitate cross-border payments. In an effort to curtail Russia’s ability to finance its war","page_number":116,"box":{"x":46,"y":518,"width":891,"height":11}},{"id":"820d6fb4-356d-48d6-9169-69d81023a7ce","block_type":"box","text":"effort, the Sanctioning Bodies continue to elevate these measures and may, going forward, institute broader sanctions on Russia. These","page_number":116,"box":{"x":46,"y":532,"width":868,"height":11}},{"id":"95d83bb2-8cd2-4e52-8dc0-8c5729e99856","block_type":"box","text":"sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the","page_number":116,"box":{"x":46,"y":547,"width":903,"height":10}},{"id":"da8ea8fc-6df2-4903-97d2-d927b4054866","block_type":"box","text":"ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian","page_number":116,"box":{"x":46,"y":561,"width":840,"height":11}},{"id":"d74f303d-2a22-4b01-b68e-e30504ba8898","block_type":"box","text":"securities and/or funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or","page_number":116,"box":{"x":46,"y":575,"width":884,"height":11}},{"id":"f07741ae-faba-45b1-bc90-a64e74a7c893","block_type":"box","text":"assets.","page_number":116,"box":{"x":46,"y":590,"width":44,"height":8}},{"id":"b8d073e6-550b-4798-853b-5915034db948","block_type":"box","text":"The sanctions against certain Russian issuers include broad asset freezes and prohibitions on transacting or otherwise dealing in select","page_number":116,"box":{"x":45,"y":612,"width":867,"height":11}},{"id":"cf3018b3-1e3c-4470-94ac-5255640f5b30","block_type":"box","text":"issuances of debt or equity of such issuers, among others. Compliance with each of these sanctions measures has impaired, and may","page_number":116,"box":{"x":46,"y":626,"width":855,"height":11}},{"id":"ebb33602-a67d-466b-9d1f-420c1c3e6298","block_type":"box","text":"continue to impair, the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. A Fund","page_number":116,"box":{"x":46,"y":641,"width":898,"height":10}},{"id":"cdfc6cfc-b3f3-4c4b-9d8c-09a20b6837b1","block_type":"box","text":"may also be legally required to block (i.e., freeze) assets in a blocked account and report the accompanying exposure to Sanctioning Bodies.","page_number":116,"box":{"x":46,"y":655,"width":897,"height":11}},{"id":"007f4a1a-e494-4ff7-b816-f32848e4da2a","block_type":"box","text":"Sanctions have resulted in Russia taking counter measures or retaliatory actions, which has impaired the value and liquidity of Russian","page_number":116,"box":{"x":46,"y":678,"width":860,"height":11}},{"id":"0ae6d4ee-1190-4d0c-b118-214db5d86027","block_type":"box","text":"securities. These retaliatory measures include the immediate freeze of Russian assets held by a Fund. Due to the freeze of these assets,","page_number":116,"box":{"x":46,"y":692,"width":869,"height":11}},{"id":"11910c3b-ae56-46ad-9b29-b7fb345aca6d","block_type":"box","text":"including depositary receipts, a Fund may need to liquidate non-restricted assets in order to satisfy any Fund redemption orders. The","page_number":116,"box":{"x":46,"y":706,"width":850,"height":11}},{"id":"df9abd27-68e9-4c7a-926d-97b4c56d2154","block_type":"box","text":"liquidation of Fund assets during this time may also result in the Fund receiving substantially lower prices for its securities. Russia may","page_number":116,"box":{"x":46,"y":721,"width":861,"height":10}},{"id":"fc22a9a2-9206-4eac-bd42-2efba332b13b","block_type":"box","text":"implement additional retaliatory measures, which may further impair the value and liquidity of Russian securities and the ability of a Fund to","page_number":116,"box":{"x":46,"y":735,"width":893,"height":11}},{"id":"b1470869-4b30-467d-9cb2-979ce9a9b882","block_type":"box","text":"receive dividend payments. Russia has issued a number of countersanctions, some of which restrict the distribution of profits by limited","page_number":116,"box":{"x":46,"y":749,"width":868,"height":11}},{"id":"361b70f7-c410-4f18-9424-dac5e76b1cc7","block_type":"box","text":"liability companies (e.g., dividends), and prohibits Russian persons from entering into transactions with designated persons from “unfriendly","page_number":116,"box":{"x":46,"y":763,"width":896,"height":11}},{"id":"03caa71f-d058-43a2-90aa-dec94d462cdf","block_type":"box","text":"states” as well as the export of raw materials or other products from Russia to certain sanctioned persons. Russian companies may be","page_number":116,"box":{"x":46,"y":777,"width":860,"height":11}},{"id":"c6679e30-c2ab-403c-a39f-517497530e85","block_type":"box","text":"unable to pay dividends and, if they pay dividends, a Fund may be unable to receive them.","page_number":116,"box":{"x":46,"y":791,"width":572,"height":11}},{"id":"f68c90c5-ccc3-4278-a63c-e3ed4e51e346","block_type":"box","text":"These sanctions, the decision by Russia to suspend trading on the Moscow Exchange (MOEX) and prohibit non-resident investors from","page_number":116,"box":{"x":45,"y":815,"width":860,"height":11}},{"id":"978d84b5-eca3-43c2-8fee-589b407fded4","block_type":"box","text":"executing security sales, and other events have led index providers to remove Russian securities from indexes. Each Fund is currently","page_number":116,"box":{"x":46,"y":829,"width":855,"height":11}},{"id":"bebbebbe-ad7e-4c7c-a562-6c9a8b0c099a","block_type":"box","text":"restricted from trading in Russian securities, including those in its portfolio (if any), and the Underlying Indexes have removed Russian","page_number":116,"box":{"x":46,"y":843,"width":856,"height":11}},{"id":"bc0a6aa5-a20a-4c62-921e-e3bc50e903f8","block_type":"box","text":"securities (if any). This disparity will also lead to increased tracking error. The inability of a Fund to trade in Russian securities may adversely","page_number":116,"box":{"x":46,"y":857,"width":896,"height":11}},{"id":"b018ab04-1425-4d76-9892-1edcbdf8ac59","block_type":"box","text":"affect the Fund’s ability to meet its investment objective. It is unknown when, or if, sanctions may be lifted or a Fund’s ability to trade in","page_number":116,"box":{"x":46,"y":871,"width":866,"height":11}},{"id":"3aadf144-962a-4600-822b-495823bab120","block_type":"box","text":"Russian securities will resume.","page_number":116,"box":{"x":46,"y":886,"width":195,"height":8}},{"id":"b10d3694-ca2c-4bcf-b4db-0f9c5835a378","block_type":"box","text":"23","page_number":116,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"e9c993e3-1c13-4b15-80af-78cbdab5c2d6","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":117,"box":{"x":46,"y":46,"width":228,"height":11}},{"id":"ad62dd2b-b979-4758-8343-b550631fc55a","block_type":"box","text":"Investing in Saudi Arabian issuers involves legal, regulatory, political, currency, security, and economic","page_number":117,"box":{"x":280,"y":46,"width":657,"height":11}},{"id":"a106cabc-257a-497d-8c1d-6502de45bf50","block_type":"box","text":"risks that are specific to Saudi Arabia. Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other countries","page_number":117,"box":{"x":46,"y":61,"width":871,"height":10}},{"id":"ed81300b-8dab-4775-9ccc-e67ffc10174d","block_type":"box","text":"involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency values and the petroleum market. A","page_number":117,"box":{"x":46,"y":75,"width":900,"height":11}},{"id":"021c94f0-d32d-459c-af29-98d272050fe8","block_type":"box","text":"sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. In addition, Saudi Arabia’s economy","page_number":117,"box":{"x":46,"y":89,"width":875,"height":11}},{"id":"de518a8f-aa8f-4d53-8b3c-9f47b70c9861","block_type":"box","text":"relies heavily on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the economy.","page_number":117,"box":{"x":46,"y":103,"width":857,"height":11}},{"id":"cbda2b73-9957-4ce8-b403-82a87ee317fa","block_type":"box","text":"Investments in the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":117,"box":{"x":46,"y":126,"width":893,"height":11}},{"id":"e2864377-eaac-4cea-88a9-7451f022bec2","block_type":"box","text":"developed countries, which may negatively affect the value of a Fund’s investments. Such heightened risks may include, among others, the","page_number":117,"box":{"x":46,"y":140,"width":888,"height":11}},{"id":"947db960-ed9e-498c-86ea-6ee35473d81c","block_type":"box","text":"expropriation and/or nationalization of assets, restrictions on and government intervention in international trade, confiscatory taxation,","page_number":117,"box":{"x":46,"y":155,"width":868,"height":11}},{"id":"638609c9-965a-4831-8c32-22e02bb8d0a7","block_type":"box","text":"political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, crime and instabi","page_number":117,"box":{"x":46,"y":169,"width":885,"height":11}},{"id":"6ae8aac2-f217-4419-b41f-5665c6df8fdb","block_type":"box","text":"lity","page_number":117,"box":{"x":933,"y":169,"width":18,"height":11}},{"id":"83ca3e87-9030-4aa9-a174-fc028a7b6710","block_type":"box","text":"as a result of religious, ethnic and/or socioeconomic unrest. The government of Saudi Arabia exercises substantial influence over many","page_number":117,"box":{"x":46,"y":183,"width":868,"height":11}},{"id":"a7e8657b-ae80-4932-90a5-660df59ff243","block_type":"box","text":"aspects of the private sector, and its actions could significantly impact the value of Saudi Arabian securities. Although some economic","page_number":117,"box":{"x":46,"y":197,"width":859,"height":11}},{"id":"31c8c1ce-8821-497a-87ed-777d82ccbdc6","block_type":"box","text":"reforms (","page_number":117,"box":{"x":46,"y":211,"width":57,"height":11}},{"id":"2c3b30e8-f022-4fbd-b690-5262e5b4e4bc","block_type":"box","text":"e.g.,","page_number":117,"box":{"x":104,"y":214,"width":25,"height":8}},{"id":"de80efbd-8cdc-423a-8818-fabb9127f7d7","block_type":"box","text":"privatization) are underway, restrictions on foreign ownership persist, and the government has an ownership stake in many key","page_number":117,"box":{"x":136,"y":211,"width":812,"height":11}},{"id":"bb8acad2-c7bc-478b-bbeb-ed4298a339c2","block_type":"box","text":"industries. Saudi Arabia has experienced strained relations with economic partners worldwide, including other countries in the Middle East,","page_number":117,"box":{"x":46,"y":226,"width":890,"height":10}},{"id":"b799a9d3-d113-4b43-a779-2d14dad3d845","block_type":"box","text":"due to geopolitical events. Economic sanctions (or the threat of them) on Saudi Arabian individuals or Saudi Arabian corporate entities may","page_number":117,"box":{"x":46,"y":240,"width":891,"height":11}},{"id":"3a7edadd-8d40-4ef2-919e-2223c1e91fb8","block_type":"box","text":"have an adverse impact on the Saudi Arabian economy and securities.","page_number":117,"box":{"x":46,"y":254,"width":448,"height":11}},{"id":"89b805a5-0dd9-4f7d-a534-32a9be8a526e","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian issuers could be restricted by the Saudi Arabian government at any","page_number":117,"box":{"x":45,"y":277,"width":901,"height":11}},{"id":"8b0e85c7-f9f0-46b4-aef6-682a88760b26","block_type":"box","text":"time, and unforeseen risks could materialize with respect to foreign ownership of such securities. In addition, the Saudi Arabian government","page_number":117,"box":{"x":46,"y":291,"width":896,"height":11}},{"id":"9a132047-7bf1-49dc-8aa9-7cb7551fae3e","block_type":"box","text":"places investment limitations on the ownership of Saudi Arabian issuers by foreign investors. Such limits may prevent a Fund from investing","page_number":117,"box":{"x":46,"y":305,"width":895,"height":11}},{"id":"442031b6-7e25-45dd-a04f-0a58ad9e70fd","block_type":"box","text":"in accordance with its strategy and result in tracking error for a Fund that tracks an index.","page_number":117,"box":{"x":46,"y":320,"width":574,"height":11}},{"id":"91b7b789-e86a-438d-85be-eded7e0fd985","block_type":"box","text":"Saudi Arabia Broker Risk","page_number":117,"box":{"x":46,"y":343,"width":154,"height":8}},{"id":"e6a746ce-2143-4983-bba5-b48ca5355a8f","block_type":"box","text":". There are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. A Fund","page_number":117,"box":{"x":201,"y":343,"width":699,"height":11}},{"id":"c487d04e-9876-4231-8d60-7cf7b05bb469","block_type":"box","text":"generally expects to transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a","page_number":117,"box":{"x":46,"y":357,"width":882,"height":11}},{"id":"120100c2-3857-4f0e-9c9a-ad24dedf0799","block_type":"box","text":"limited number of brokers who can provide services to a Fund, which may have an adverse impact on the prices, quantity or timing of Fund","page_number":117,"box":{"x":46,"y":371,"width":887,"height":11}},{"id":"33062e0d-9bbe-49f3-a387-4dc7aad0478c","block_type":"box","text":"transactions. A limited number of brokers may impact a Fund’s ability to achieve best execution on transactions. In addition, a Fund may be","page_number":117,"box":{"x":46,"y":385,"width":892,"height":11}},{"id":"e7d972a9-9b44-44bb-aeba-c46e85576a32","block_type":"box","text":"more susceptible to credit loss or trading disruptions in the event of a default or business disruption among the available brokers. If a Fund’s","page_number":117,"box":{"x":46,"y":400,"width":899,"height":10}},{"id":"fb5d2e05-666b-47c1-8aba-1ffeeb5c1b4a","block_type":"box","text":"use of a broker is disrupted, there could be an adverse impact on the Fund’s operations and, if applicable, its ability to track the Underlying","page_number":117,"box":{"x":46,"y":414,"width":888,"height":11}},{"id":"c03478b2-8820-40d1-ab25-08d290fa2b93","block_type":"box","text":"Index, and the Fund’s shares could trade at a premium or discount to NAV. A Fund may also incur losses due to the acts or omissions of its","page_number":117,"box":{"x":46,"y":428,"width":886,"height":11}},{"id":"f61bb097-ddf2-421a-b633-0a5f4ad179d6","block_type":"box","text":"brokers in the execution or settlement of transactions or in the transfer of funds or securities.","page_number":117,"box":{"x":46,"y":442,"width":599,"height":9}},{"id":"769f5909-1ec6-413f-862a-f6561a744667","block_type":"box","text":"Risk of Investing in South Korea.","page_number":117,"box":{"x":46,"y":465,"width":226,"height":11}},{"id":"f8eecb92-94a4-41a9-bb89-cedeaa94b3fb","block_type":"box","text":"Investing in South Korean issuers subjects a Fund to legal, regulatory, political, economic, currency,","page_number":117,"box":{"x":278,"y":465,"width":639,"height":11}},{"id":"704df1ab-084c-4322-9488-afa58b94c912","block_type":"box","text":"geographic and security risks that are specific to South Korea. The South Korean economy depends heavily on exports, particularly to China,","page_number":117,"box":{"x":46,"y":480,"width":898,"height":10}},{"id":"7c95b98a-4b00-4026-b86a-322d511a9c72","block_type":"box","text":"the U.S. and other Asian countries, and may be adversely affected by reduced demand for its goods, trade conflicts, supply chain disruptions","page_number":117,"box":{"x":46,"y":494,"width":900,"height":11}},{"id":"94371529-b3b9-43a7-8978-7bca36105569","block_type":"box","text":"and currency fluctuations, among other factors. South Korea is also subject to significant geopolitical risks, including ongoing tensions with","page_number":117,"box":{"x":46,"y":508,"width":891,"height":11}},{"id":"6229e487-c78f-4f35-81a9-37cd9aa592fd","block_type":"box","text":"North Korea, exposure to strategic competition between the U.S. and China and potential domestic political instability, any of which may","page_number":117,"box":{"x":47,"y":522,"width":873,"height":11}},{"id":"ff39cb7e-dadb-4305-9c8e-56c7df2effcc","block_type":"box","text":"have an adverse impact on its economy and markets.","page_number":117,"box":{"x":46,"y":536,"width":340,"height":11}},{"id":"a68f4f8e-685a-4866-a0da-a0e67ea82334","block_type":"box","text":"South Korean equity markets are highly concentrated in a small number of large, family-controlled conglomerates. The South Korean","page_number":117,"box":{"x":46,"y":559,"width":848,"height":11}},{"id":"2fd43012-0c43-4122-b5c0-5622a0809467","block_type":"box","text":"government has exercised and may continue to exercise substantial influence over many aspects of the private sector. Other risks facing the","page_number":117,"box":{"x":46,"y":574,"width":900,"height":10}},{"id":"ce551c21-a59e-4374-93fe-90572d126157","block_type":"box","text":"South Korean economy include currency volatility, an aging population and a dependence on foreign sources for energy supplies, minerals","page_number":117,"box":{"x":46,"y":588,"width":884,"height":11}},{"id":"6ee6c5fc-0310-45f3-a510-a46e325f0e23","block_type":"box","text":"and other physical resources critical for its strategic industries.","page_number":117,"box":{"x":46,"y":602,"width":403,"height":11}},{"id":"1b2f65ea-3654-4872-824f-49b7fe82e604","block_type":"box","text":"Risk of Investing in Taiwan.","page_number":117,"box":{"x":46,"y":625,"width":187,"height":11}},{"id":"71cbb5c8-2b63-43e1-b54e-97ce7ffa1fc0","block_type":"box","text":"Investing in Taiwanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic","page_number":117,"box":{"x":240,"y":625,"width":693,"height":11}},{"id":"ef253067-64cb-417f-8e19-d219a3a35d48","block_type":"box","text":"and security risks that are specific to Taiwan. Taiwan’s economy is export-oriented, so it depends on a free-trade regime. It may be adversely","page_number":117,"box":{"x":46,"y":639,"width":900,"height":11}},{"id":"5a4d2bca-b2bb-47f1-af32-a394f1584721","block_type":"box","text":"affected by trade conflicts, downturns in the world economy and reduced demand for its goods, particularly from key trading partners such","page_number":117,"box":{"x":46,"y":654,"width":888,"height":10}},{"id":"5d35f80a-e09d-4db4-93a4-f10cfb437302","block_type":"box","text":"as China. Taiwan has limited natural resources and relies on imports for its commodity needs, making it vulnerable to global fluctuations in","page_number":117,"box":{"x":46,"y":668,"width":885,"height":11}},{"id":"056297af-a42b-4414-9c52-70f0c7853af0","block_type":"box","text":"price and supply. This dependence is especially pronounced in the energy sector. Electricity and water shortages pose threats to Taiwan’s","page_number":117,"box":{"x":46,"y":682,"width":879,"height":11}},{"id":"8f196021-0e5c-4bbf-bfa5-065ee97adb5e","block_type":"box","text":"high-tech manufacturing sector. Other long-term challenges for Taiwan include an aging population, a shortage of skilled labor and increasing","page_number":117,"box":{"x":46,"y":696,"width":903,"height":11}},{"id":"ace282e6-8c4f-4f10-ad51-94da520d04ad","block_type":"box","text":"competition from neighboring lower-cost countries.","page_number":117,"box":{"x":46,"y":710,"width":328,"height":11}},{"id":"bdeb47f0-a14b-4871-a5dc-e66546854093","block_type":"box","text":"China has a complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if","page_number":117,"box":{"x":46,"y":733,"width":882,"height":11}},{"id":"ce1e0f0d-f1e1-4ebb-a750-683492065a21","block_type":"box","text":"necessary. The Chinese military has conducted military drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based","page_number":117,"box":{"x":46,"y":748,"width":853,"height":10}},{"id":"a8af9be9-ffd8-4626-a1dd-496c8ddac1f1","block_type":"box","text":"companies and individuals are significant investors in China. Continuing hostility between China and Taiwan may have an adverse impact on","page_number":117,"box":{"x":46,"y":762,"width":893,"height":11}},{"id":"f534cd17-14c8-4249-b1a6-71689151a081","block_type":"box","text":"their economies and markets and on the value of a Fund’s investments in China, Taiwan or the region, may cause a suspension in a Fund’s","page_number":117,"box":{"x":46,"y":776,"width":882,"height":11}},{"id":"f7cf0f76-d01c-4d8e-82e1-db0ba7c3fb00","block_type":"box","text":"ability to trade in certain securities or other assets, or may otherwise make such investments impracticable or impossible.","page_number":117,"box":{"x":46,"y":790,"width":781,"height":11}},{"id":"a0646153-304a-4667-89b9-eb757ad82579","block_type":"box","text":"Risk of Investing in the U.K.","page_number":117,"box":{"x":46,"y":813,"width":191,"height":11}},{"id":"9f8f02dc-70bd-48d1-8cb1-88d30730999a","block_type":"box","text":"Investing in U.K. issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":117,"box":{"x":244,"y":813,"width":682,"height":11}},{"id":"ef57b387-c9ae-451c-b146-a170b7c3c6a6","block_type":"box","text":"security risks that are specific to the U.K. Economic downturns or political instability in its key trading partners, which include the United","page_number":117,"box":{"x":46,"y":828,"width":873,"height":10}},{"id":"0872ae8d-49c1-42f7-b801-e0dbf082206e","block_type":"box","text":"States and other European countries, could have an adverse effect on the U.K. economy. Following Brexit, certain trading matters between","page_number":117,"box":{"x":46,"y":842,"width":887,"height":11}},{"id":"a93eebab-d2ea-4b5d-9dae-6b979f7d3880","block_type":"box","text":"the U.K. and the EU remain unresolved, including with respect to financial services. Continuing uncertainty regarding the U.K.’s relationship","page_number":117,"box":{"x":46,"y":856,"width":893,"height":11}},{"id":"54bb76aa-b6bb-46f2-bc52-f686afec6d4b","block_type":"box","text":"with the EU could have an adverse impact on the economy and currency of the United Kingdom. Other risks to the U.K.’s economic growth","page_number":117,"box":{"x":45,"y":870,"width":887,"height":11}},{"id":"ce889cf4-e2ef-4fb3-aed8-4455a6466ce8","block_type":"box","text":"and competitiveness include high public debt and relatively low productivity.","page_number":117,"box":{"x":46,"y":884,"width":486,"height":11}},{"id":"e0870780-9793-4207-afac-6af3228b654e","block_type":"box","text":"24","page_number":117,"box":{"x":491,"y":944,"width":16,"height":8}},{"id":"d77c86e6-2354-4616-b27d-b650a548389d","block_type":"box","text":"Risk of Investing in the U.S.","page_number":118,"box":{"x":46,"y":46,"width":190,"height":11}},{"id":"ff0b5d84-3e19-4f03-b8f6-f9086fb0566f","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":118,"box":{"x":242,"y":46,"width":684,"height":11}},{"id":"8887d8cb-b0ff-4e98-8583-fb1da04aa3e6","block_type":"box","text":"specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress,","page_number":118,"box":{"x":46,"y":61,"width":897,"height":10}},{"id":"d8bf0c3f-659c-4e15-97c4-4d6b0cf79b87","block_type":"box","text":"or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S.","page_number":118,"box":{"x":46,"y":75,"width":902,"height":11}},{"id":"7a101150-3b7b-40ac-a412-be76d1db4dfa","block_type":"box","text":"is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism,","page_number":118,"box":{"x":46,"y":89,"width":886,"height":11}},{"id":"c042830f-d11d-4033-afbb-54a36b89b059","block_type":"box","text":"internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy,","page_number":118,"box":{"x":46,"y":103,"width":893,"height":11}},{"id":"36368ea5-9f7e-4e92-98af-e9002f006ca7","block_type":"box","text":"financial markets or issuers.","page_number":118,"box":{"x":45,"y":117,"width":180,"height":9}},{"id":"56d6f521-39be-4862-bf2b-fe108f0c6b05","block_type":"box","text":"Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt","page_number":118,"box":{"x":46,"y":140,"width":867,"height":11}},{"id":"3cd7f59c-ca8a-4966-920c-da28d220fd6f","block_type":"box","text":"levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth.","page_number":118,"box":{"x":46,"y":155,"width":868,"height":11}},{"id":"95347994-5752-463c-9c2f-34efb1c754c9","block_type":"box","text":"Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":118,"box":{"x":46,"y":169,"width":867,"height":11}},{"id":"024a663f-3c3d-444d-bcf1-e8205d533069","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial","page_number":118,"box":{"x":46,"y":183,"width":899,"height":11}},{"id":"0daca91c-cf0f-478e-b401-1c3b23662e91","block_type":"box","text":"system.","page_number":118,"box":{"x":46,"y":198,"width":48,"height":10}},{"id":"8efd1db9-8855-4ad4-b0b5-369f7ad7546b","block_type":"box","text":"Securities Lending Risk.","page_number":118,"box":{"x":46,"y":220,"width":166,"height":11}},{"id":"c4ef9ba3-1e53-4824-9409-e0013a9d0433","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose money because","page_number":118,"box":{"x":217,"y":220,"width":730,"height":11}},{"id":"7a5329be-fab3-4400-aa71-76e88eeb762f","block_type":"box","text":"the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could also lose money in the event of a","page_number":118,"box":{"x":46,"y":235,"width":897,"height":10}},{"id":"3e5f03eb-033c-4535-a0d8-63b7f70b243e","block_type":"box","text":"decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These","page_number":118,"box":{"x":46,"y":249,"width":892,"height":11}},{"id":"8e0c7ac8-c1d2-4836-ade5-07e87f31302c","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":118,"box":{"x":46,"y":263,"width":403,"height":11}},{"id":"2a6e2475-81c5-4562-8ece-3ce262ff7233","block_type":"box","text":"Semiconductor Companies Risk.","page_number":118,"box":{"x":46,"y":286,"width":224,"height":11}},{"id":"43614f5e-08c7-4465-bfce-4c333204ad8e","block_type":"box","text":"The semiconductor industry is highly cyclical, and semiconductor companies face risks related to rapid","page_number":118,"box":{"x":275,"y":286,"width":659,"height":11}},{"id":"4051fcda-e1d4-4c07-ae56-537647b6d434","block_type":"box","text":"technological developments and product obsolescence, frequent new product introduction and unpredictable changes in growth rates.","page_number":118,"box":{"x":46,"y":300,"width":861,"height":11}},{"id":"ee281725-f71b-415e-a5a4-8c59b9fc04e6","block_type":"box","text":"Growing demand related to AI and other emerging technologies may contribute to increased competition, capacity constraints and customer","page_number":118,"box":{"x":46,"y":315,"width":901,"height":10}},{"id":"8d8f9eea-b83b-4862-b2d6-6abef53a1490","block_type":"box","text":"concentration. Capital equipment expenditures as well as research and development costs can be substantial. Semiconductor companies","page_number":118,"box":{"x":46,"y":329,"width":880,"height":10}},{"id":"71408b83-8cc3-4c16-b93a-f2786e119ea7","block_type":"box","text":"depend significantly on patent and intellectual property rights and may be adversely affected by the loss or impairment of these rights.","page_number":118,"box":{"x":46,"y":343,"width":860,"height":11}},{"id":"9edd847b-47eb-405f-9a7c-b971e5050cb6","block_type":"box","text":"Semiconductor manufacturing processes are highly complex and sophisticated, and they are vulnerable to impurities and other disruptions","page_number":118,"box":{"x":46,"y":366,"width":888,"height":11}},{"id":"2a38827f-152d-47a1-8bab-ddf5ea8391ec","block_type":"box","text":"that can significantly increase costs and delay production. Semiconductor companies may rely on a limited number of suppliers of the","page_number":118,"box":{"x":46,"y":380,"width":857,"height":11}},{"id":"cdae2d07-0c11-4c05-becd-1839bb891eff","block_type":"box","text":"components and raw materials used in their products. Supply chain disruptions or the lack of raw materials can lead to significant","page_number":118,"box":{"x":46,"y":394,"width":830,"height":11}},{"id":"142cf031-caec-4402-84eb-f771168feb9e","block_type":"box","text":"operational challenges, including production halts. Semiconductor companies also face competitive challenges in attracting and retaining","page_number":118,"box":{"x":46,"y":409,"width":880,"height":10}},{"id":"61f8b531-9b8a-4007-bf1c-7e4f4364bfd2","block_type":"box","text":"highly skilled personnel.","page_number":118,"box":{"x":46,"y":423,"width":152,"height":11}},{"id":"d3eb523f-6184-49de-995e-1917f91593ab","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":118,"box":{"x":46,"y":446,"width":257,"height":11}},{"id":"9114b93d-7185-4944-b129-72905ba1d025","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":118,"box":{"x":309,"y":446,"width":617,"height":11}},{"id":"88ad3d15-bba2-49e3-8d49-d5a29d5a9ed4","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":118,"box":{"x":46,"y":460,"width":862,"height":11}},{"id":"b1ac216f-5765-4e01-959a-ffd9ce4de735","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":118,"box":{"x":46,"y":474,"width":868,"height":11}},{"id":"b86f5f33-7514-469f-bdf7-89755d1f05bc","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":118,"box":{"x":46,"y":489,"width":895,"height":10}},{"id":"da67ab23-80d7-48b6-9e2c-fa09c3a2feaa","block_type":"box","text":"have a short business track record, with relatively less information available to investors. The securities of smaller companies may trade less","page_number":118,"box":{"x":46,"y":503,"width":899,"height":11}},{"id":"856bc57c-a7a9-4352-b802-39005983e239","block_type":"box","text":"frequently and in lower volumes than the securities of larger companies. Some securities of smaller issuers may be illiquid or restricted as to","page_number":118,"box":{"x":45,"y":517,"width":901,"height":11}},{"id":"7da6a1f2-14cc-446a-96db-bfa17cf96d20","block_type":"box","text":"resale, and their values may have significant volatility. A Fund may be unable to liquidate its positions in such securities at any time, or at a","page_number":118,"box":{"x":46,"y":531,"width":886,"height":11}},{"id":"bf8afb6b-59bd-4a4d-b9ba-ef2b40a4d8ed","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":118,"box":{"x":45,"y":545,"width":355,"height":11}},{"id":"6b96c808-bac8-47a5-afd0-66fd9b35443f","block_type":"box","text":"Small Fund Risk.","page_number":118,"box":{"x":46,"y":568,"width":114,"height":9}},{"id":"a6558cb0-b69c-4668-8ae7-aa099f9e1c5a","block_type":"box","text":"When a Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. A Fund’s","page_number":118,"box":{"x":165,"y":569,"width":704,"height":10}},{"id":"cc04dce9-ed1a-4a4f-b8a0-72652abee9c4","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, a Fund","page_number":118,"box":{"x":46,"y":583,"width":903,"height":11}},{"id":"a9cb192a-bedf-47d3-b71c-bb646722700f","block_type":"box","text":"may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from","page_number":118,"box":{"x":46,"y":597,"width":898,"height":11}},{"id":"087da381-f73f-449b-ad6c-18ac4dbefb25","block_type":"box","text":"the listing exchange, the Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a","page_number":118,"box":{"x":46,"y":611,"width":873,"height":11}},{"id":"769689bc-654d-4fd0-88ce-ee7ac1f5d224","block_type":"box","text":"Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":118,"box":{"x":46,"y":625,"width":710,"height":11}},{"id":"6f8ecefc-0aef-4040-a8ba-c5af72d420f3","block_type":"box","text":"Sustainability Risk.","page_number":118,"box":{"x":46,"y":648,"width":132,"height":11}},{"id":"343dcb55-b88e-436d-b9ac-43576baf3891","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":118,"box":{"x":183,"y":648,"width":762,"height":11}},{"id":"30b0a164-fc15-4329-b77b-319cb65e1da0","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":118,"box":{"x":46,"y":663,"width":732,"height":10}},{"id":"bbf05689-a73d-4ddb-9d08-3b62f8cfb740","block_type":"box","text":"Sustainability risk around environmental issues includes, but is not limited to, climate risk, both physical and transition risk. Physical risk","page_number":118,"box":{"x":46,"y":686,"width":874,"height":11}},{"id":"05e9ca8d-d351-485d-a252-8e2d14b624af","block_type":"box","text":"arises from the physical effects of climate change, acute or chronic. For example, frequent and severe climate-related events can impact","page_number":118,"box":{"x":46,"y":700,"width":875,"height":11}},{"id":"a8e9b846-e21a-41ff-b72f-7d9b5a12dd58","block_type":"box","text":"products and services and supply chains. Transition risk – whether policy, technology, market or reputation risk – arises from the adjustment","page_number":118,"box":{"x":46,"y":714,"width":901,"height":11}},{"id":"86d21a69-3cfc-47c6-865a-4599b97bab2e","block_type":"box","text":"to a low-carbon economy in order to mitigate climate change. Risks related to social issues can include, but are not limited to, labor rights","page_number":118,"box":{"x":46,"y":728,"width":883,"height":11}},{"id":"23bd291d-21c3-437a-9924-e7ba261244ce","block_type":"box","text":"and community relations. Governance-related risks can include but are not limited to risks around board independence, ownership and","page_number":118,"box":{"x":46,"y":743,"width":862,"height":10}},{"id":"59af6b13-c874-4159-a719-a40e2e8dc235","block_type":"box","text":"control, and audit and tax management. These risks can impact an issuer’s operational effectiveness and resilience as well as its public","page_number":118,"box":{"x":46,"y":757,"width":864,"height":11}},{"id":"fa659e41-d982-4312-9814-998bf087ff78","block_type":"box","text":"perception and reputation, affecting its profitability and, in turn, its capital growth and ultimately impacting the value of holdings in a Fund.","page_number":118,"box":{"x":46,"y":771,"width":885,"height":11}},{"id":"e9b389be-4a61-469e-a3df-19ddb91b4319","block_type":"box","text":"These are only examples of sustainability risk factors, and sustainability risk factors do not solely determine the risk profile of the investment.","page_number":118,"box":{"x":45,"y":794,"width":906,"height":11}},{"id":"c93d241e-830a-4558-a6f5-d16190b37232","block_type":"box","text":"The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly across Funds.","page_number":118,"box":{"x":45,"y":808,"width":852,"height":11}},{"id":"f9a6200b-663c-4735-a18a-22b44ce82808","block_type":"box","text":"Sustainability risk can manifest itself through different existing risk types including, but not limited to, market, liquidity, concentration, cr","page_number":118,"box":{"x":46,"y":831,"width":875,"height":11}},{"id":"d1085c6b-125c-4e9d-8466-c1507d8eb01c","block_type":"box","text":"edit","page_number":118,"box":{"x":922,"y":832,"width":23,"height":8}},{"id":"678fce02-603f-4b74-a46d-4d61b3401491","block_type":"box","text":"and asset-liability mismatch risk. For example, a Fund may invest in the securities of an issuer that could face potentially reduced revenues","page_number":118,"box":{"x":46,"y":846,"width":890,"height":10}},{"id":"dff53952-9457-4fb8-8e08-7762de17279b","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":118,"box":{"x":46,"y":860,"width":343,"height":11}},{"id":"194ba832-9d40-448b-9f0e-5e704ca5b025","block_type":"box","text":"e.g","page_number":118,"box":{"x":390,"y":862,"width":19,"height":9}},{"id":"efa2b1d3-ae6b-46fc-99b1-e77a3a936d76","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":118,"box":{"x":409,"y":860,"width":535,"height":11}},{"id":"4bae2750-fd1f-4382-aacd-bc032c89c105","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":118,"box":{"x":46,"y":874,"width":467,"height":11}},{"id":"0210b592-6b7d-428a-b440-57273aaf7072","block_type":"box","text":"e.g","page_number":118,"box":{"x":515,"y":876,"width":19,"height":9}},{"id":"17acf9ed-85f0-45cc-8154-3537040231df","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":118,"box":{"x":534,"y":874,"width":411,"height":11}},{"id":"7b8af125-edf0-4202-82c0-efc204c23f7b","block_type":"box","text":"or increased production costs due to changing input prices). As a result, sustainability risk factors may have a material impact on an","page_number":118,"box":{"x":46,"y":888,"width":845,"height":11}},{"id":"0667e6f6-7ba5-447f-9aa9-2d65cdfa6992","block_type":"box","text":"investment, may increase volatility, may affect liquidity and may have an adverse impact on the value of shares of a Fund.","page_number":118,"box":{"x":46,"y":902,"width":776,"height":11}},{"id":"85a8c008-1224-4545-8256-f37e40742a5e","block_type":"box","text":"25","page_number":118,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"2d4bb23f-46ad-4359-8f90-aec4ae6501f4","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. For example, Funds with geographic","page_number":119,"box":{"x":45,"y":46,"width":903,"height":11}},{"id":"5fd0ffb6-12fe-4843-be88-8c12a26b8415","block_type":"box","text":"concentration in locations susceptible to adverse weather conditions where the value of the investments in the Funds may be more","page_number":119,"box":{"x":46,"y":61,"width":840,"height":10}},{"id":"fc1b936c-70be-4920-8866-d89b7bae6b70","block_type":"box","text":"susceptible to adverse physical climate events, or Funds with specific sectoral concentrations, such as investing in industries or issuers with","page_number":119,"box":{"x":46,"y":75,"width":898,"height":11}},{"id":"475ae519-445d-433d-b7a8-5c4ce3de11af","block_type":"box","text":"high carbon intensity or high switching costs associated with the transition to low carbon alternatives, may be more impacted by climate","page_number":119,"box":{"x":46,"y":89,"width":873,"height":11}},{"id":"5fe9c4ae-6cc3-47d2-a01d-58a8b7e708c0","block_type":"box","text":"transition risks.","page_number":119,"box":{"x":46,"y":103,"width":97,"height":9}},{"id":"d83815b5-245a-4bdc-870f-25d509618136","block_type":"box","text":"All or a combination of these factors may have an unpredictable impact on a Fund’s investments. Under normal market conditions, such","page_number":119,"box":{"x":45,"y":126,"width":870,"height":11}},{"id":"941bdaba-bab6-4662-af92-ed10b9b752e7","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":119,"box":{"x":46,"y":140,"width":442,"height":11}},{"id":"dc3b6c94-48b8-4ea7-a107-6d813c024bbe","block_type":"box","text":"Assessments of sustainability risk are specific to the asset class and to a fund’s investment objective. Different asset classes require","page_number":119,"box":{"x":45,"y":164,"width":851,"height":11}},{"id":"5767e516-938f-4946-9297-a21c4f553879","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. To","page_number":119,"box":{"x":46,"y":178,"width":889,"height":11}},{"id":"cd2b289c-2e85-42a0-8696-fae2fa20a426","block_type":"box","text":"the extent consistent with a Fund’s investment objective, risks are considered and risk managed concurrently, by prioritizing in part based on","page_number":119,"box":{"x":46,"y":192,"width":903,"height":11}},{"id":"c515c54a-a2ae-42f6-850e-424040c4addd","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":119,"box":{"x":46,"y":206,"width":251,"height":11}},{"id":"13b4e0a2-a81a-40ec-9939-e47fe8b77ab1","block_type":"box","text":"The impacts of sustainability risk are likely to develop over time, and new sustainability risks may be identified as further data and","page_number":119,"box":{"x":45,"y":229,"width":830,"height":11}},{"id":"a23fc536-21c4-4f5e-a055-7577b637c9a8","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":119,"box":{"x":46,"y":244,"width":476,"height":10}},{"id":"e4c25644-8ece-4c1e-95ff-1b3082cd15df","block_type":"box","text":"Tax Risk.","page_number":119,"box":{"x":45,"y":267,"width":60,"height":8}},{"id":"38356bfa-f9f4-4693-b66d-6f6beaf231ac","block_type":"box","text":"If a Fund invests in an Underlying Fund, the Fund’s realized losses on sales of shares of the Underlying Fund may be indefinitely or","page_number":119,"box":{"x":111,"y":267,"width":831,"height":11}},{"id":"be23629b-6784-4da6-b37b-74ca73e3c4c2","block_type":"box","text":"permanently deferred as “wash sales.” Distributions of short-term capital gains by an Underlying Fund will be recognized as ordinary income","page_number":119,"box":{"x":46,"y":281,"width":897,"height":11}},{"id":"24c1e595-aa93-495d-a72d-762a98ea0bd6","block_type":"box","text":"by a Fund and would not be offset by the Fund’s capital loss carryforwards, if any. Capital loss carryforwards of an Underlying Fund, if any,","page_number":119,"box":{"x":46,"y":295,"width":883,"height":11}},{"id":"24abdef6-51cd-415a-a851-9ee86ed55c09","block_type":"box","text":"would not offset net capital gains of a Fund. Each of these effects is caused by a Fund’s investment in an Underlying Fund and may result in","page_number":119,"box":{"x":45,"y":309,"width":892,"height":11}},{"id":"bcc37595-15fe-461d-bd2f-4ebc69d76497","block_type":"box","text":"distributions to Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if a Fund were to","page_number":119,"box":{"x":46,"y":324,"width":895,"height":10}},{"id":"ae5d96cf-83aa-46b5-b4e8-14bef811253a","block_type":"box","text":"invest directly in the securities and other instruments composing its Underlying Index.","page_number":119,"box":{"x":46,"y":338,"width":550,"height":11}},{"id":"75f0dd26-588d-4f3b-8545-03aee7d6cf1a","block_type":"box","text":"In addition, with respect to a Fund that invests in derivatives, the federal income tax treatment of a derivative may not be as favorable as a","page_number":119,"box":{"x":46,"y":361,"width":885,"height":11}},{"id":"47ecd1cc-02c3-4c41-af1b-f89250e0e424","block_type":"box","text":"direct investment in an underlying asset. Derivatives may produce taxable income and taxable realized gain. Derivatives may adversely affect","page_number":119,"box":{"x":46,"y":375,"width":902,"height":11}},{"id":"df44f49a-c6e1-42f8-bebf-155c4f82f1e8","block_type":"box","text":"the timing, character and amount of income that a Fund realizes from its investments. As a result, a larger portion of a Fund’s distributions","page_number":119,"box":{"x":46,"y":389,"width":885,"height":11}},{"id":"c1f9a9db-5223-48f7-9446-ab5e609aa345","block_type":"box","text":"may be treated as ordinary income rather than as capital gains. In addition, certain derivatives are subject to mark-to-market or straddle","page_number":119,"box":{"x":46,"y":404,"width":873,"height":10}},{"id":"d9699c57-c96a-4cb4-a961-fda49a4afcb3","block_type":"box","text":"provisions of the Internal Revenue Code. If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable","page_number":119,"box":{"x":46,"y":418,"width":896,"height":10}},{"id":"9052cd2b-293c-4ee0-85fb-c1f60e56b19c","block_type":"box","text":"dividends paid by a Fund. Income from swaps is generally taxable. In addition, the tax treatment of certain derivatives, such as swaps, is","page_number":119,"box":{"x":46,"y":432,"width":870,"height":11}},{"id":"f857b054-db43-4a67-ac2f-cc3d9ed5afa7","block_type":"box","text":"unsettled and may be subject to future legislation, regulation or administrative pronouncements issued by the IRS.","page_number":119,"box":{"x":46,"y":446,"width":732,"height":11}},{"id":"17ce300f-604c-4828-a945-3aecb5d210a7","block_type":"box","text":"Technology Companies Risk.","page_number":119,"box":{"x":45,"y":469,"width":198,"height":11}},{"id":"d019130a-2d2e-4296-b5a9-10b9f2269398","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":119,"box":{"x":248,"y":469,"width":693,"height":11}},{"id":"27089bca-63d5-4f21-86c5-7cb4f129df1a","block_type":"box","text":"lines, markets, financial resources and personnel. These companies may face rapid product obsolescence as well as unexpected risks and","page_number":119,"box":{"x":46,"y":483,"width":883,"height":11}},{"id":"03839f74-cf76-46f6-a0df-8097d3867903","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":119,"box":{"x":46,"y":498,"width":887,"height":10}},{"id":"677cdad4-ed29-419c-88d2-6b5ae91f14c2","block_type":"box","text":"companies may be adversely affected by disruptions to supply chains and distribution networks as well as issues at third-party partners. They","page_number":119,"box":{"x":46,"y":512,"width":905,"height":11}},{"id":"f3476e70-86fa-486a-b4ed-70cb1eb4fd05","block_type":"box","text":"are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":119,"box":{"x":46,"y":526,"width":891,"height":11}},{"id":"e600cf02-9b92-4932-a472-a95ebf789ed9","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":119,"box":{"x":46,"y":540,"width":868,"height":11}},{"id":"79d3cd62-1a0f-4f1f-8e54-66fbca4705ab","block_type":"box","text":"These companies also may be adversely affected by, among other things, actual or perceived security vulnerabilities or other defects in their","page_number":119,"box":{"x":45,"y":554,"width":899,"height":11}},{"id":"9dc557b1-bb2e-4afb-b539-06281785d969","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":119,"box":{"x":46,"y":568,"width":737,"height":11}},{"id":"47ad2f8c-5fdd-451b-a844-266a2817a28d","block_type":"box","text":"Thematic Investing Risk.","page_number":119,"box":{"x":45,"y":592,"width":170,"height":10}},{"id":"d2c73f7e-4141-44f1-816a-957d32302f55","block_type":"box","text":"A Fund relies on the Index Provider to identify securities that reflect the relevant themes and sub-themes for","page_number":119,"box":{"x":220,"y":592,"width":695,"height":11}},{"id":"26a46907-5cf9-40b2-b0a6-f759ac6dca54","block_type":"box","text":"inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the intended theme and sub-theme","page_number":119,"box":{"x":46,"y":606,"width":897,"height":11}},{"id":"e9e0c397-d5ec-42d2-a6a6-11c542a628b0","block_type":"box","text":"exposures. The Fund’s performance may suffer if such securities are not correctly identified, if a theme or sub-theme develops in an","page_number":119,"box":{"x":46,"y":620,"width":843,"height":11}},{"id":"6c2f0e2d-d641-4f30-8598-0ef2a00b6a90","block_type":"box","text":"unexpected manner, or if securities in the Underlying Index do not benefit from the development of a theme or sub-theme. A Fund’s","page_number":119,"box":{"x":46,"y":634,"width":842,"height":11}},{"id":"361c7072-0109-46e1-b728-316cf744f569","block_type":"box","text":"performance may also be impacted if securities that are not related to the theme or sub-theme are included in the Underlying Index.","page_number":119,"box":{"x":46,"y":648,"width":846,"height":11}},{"id":"1fa44d7c-0ef0-41f6-8415-3c39ae772fe8","block_type":"box","text":"Tracking Error Risk.","page_number":119,"box":{"x":45,"y":672,"width":135,"height":10}},{"id":"f2c90124-0661-4ea7-ac77-f66de57811a7","block_type":"box","text":"A Fund that tracks an index is subject to the risk of “tracking error,” which is the divergence of a Fund’s performance","page_number":119,"box":{"x":185,"y":672,"width":749,"height":10}},{"id":"6a6a9b61-0bd1-4126-81ea-77016d27cf77","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and","page_number":119,"box":{"x":45,"y":686,"width":872,"height":11}},{"id":"3ac011b1-a433-4157-aca4-63c3a7c0647f","block_type":"box","text":"other assets held in a Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value","page_number":119,"box":{"x":46,"y":700,"width":897,"height":11}},{"id":"32f4939c-668a-4f85-9cb0-5b4714858fa1","block_type":"box","text":"securities and other assets; transaction costs and other expenses incurred by a Fund that the Underlying Index does not incur; a Fund’s","page_number":119,"box":{"x":46,"y":714,"width":867,"height":11}},{"id":"5613fb4c-974b-47a7-9227-f43ac198db2b","block_type":"box","text":"holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by a Fund or","page_number":119,"box":{"x":46,"y":728,"width":824,"height":11}},{"id":"924f2ad0-0283-4988-ad16-94c828edd936","block_type":"box","text":"distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends","page_number":119,"box":{"x":46,"y":743,"width":904,"height":10}},{"id":"0414fc36-1539-4bc9-abdc-b4039f666919","block_type":"box","text":"reflected in the Underlying Index from a Fund’s obligation, if any, for foreign withholding taxes; the requirements for a Fund to maintain","page_number":119,"box":{"x":46,"y":757,"width":862,"height":11}},{"id":"d3ab24b2-28c4-498a-8929-9cd1e7f9203f","block_type":"box","text":"pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":119,"box":{"x":46,"y":771,"width":903,"height":11}},{"id":"24fc6084-ee8c-4a8d-a032-d8129fcded0f","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution, including the ability and timing of a Fund to","page_number":119,"box":{"x":46,"y":785,"width":901,"height":11}},{"id":"946f9478-95ff-4792-a493-6fa8f6557a16","block_type":"box","text":"adjust its portfolio to reflect changes in the Underlying Index; and impacts to a Fund of complying with certain regulatory requirements or","page_number":119,"box":{"x":46,"y":799,"width":880,"height":11}},{"id":"2b8943e3-beec-4a7f-9aa3-769854866821","block_type":"box","text":"limits. A Fund that tracks an index composed of a large number of components may experience greater tracking error than a Fund that tracks","page_number":119,"box":{"x":46,"y":813,"width":904,"height":11}},{"id":"a68b27b8-ba4a-453b-b8f0-fd453c5e45d9","block_type":"box","text":"a more narrow index. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":119,"box":{"x":46,"y":828,"width":887,"height":10}},{"id":"9ca1e480-7995-4dbc-90db-96344b51f7d3","block_type":"box","text":"U.S. Economic Risk.","page_number":119,"box":{"x":46,"y":851,"width":136,"height":8}},{"id":"837459c9-a7e4-49fa-a717-545850474d2e","block_type":"box","text":"The U.S. is a significant trading partner of, or foreign investor in, a number of countries. As a result, the economic","page_number":119,"box":{"x":187,"y":851,"width":726,"height":11}},{"id":"3701fdf9-3ded-4e72-844d-99f53242b331","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy, such as a decrease in U.S. imports or exports,","page_number":119,"box":{"x":46,"y":865,"width":875,"height":11}},{"id":"2f1c9f8f-718b-4a57-be0f-904bd40d2e9a","block_type":"box","text":"changes in trade regulations, changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. Any such event may have an","page_number":119,"box":{"x":46,"y":879,"width":874,"height":11}},{"id":"86e548a2-b582-443e-b6f6-34bc73997d1c","block_type":"box","text":"adverse effect on the economies of U.S. trading partners and the securities issuers in such countries, which in turn could negatively impact a","page_number":119,"box":{"x":46,"y":893,"width":901,"height":11}},{"id":"d5b80b6c-fe2e-4491-b577-2195ca30b76b","block_type":"box","text":"Fund’s investments. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such","page_number":119,"box":{"x":46,"y":908,"width":897,"height":10}},{"id":"52bf8054-a7f5-4be5-87a5-9784f52329b8","block_type":"box","text":"26","page_number":119,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"0f32a684-d01c-40a4-9311-8d095b2a4983","block_type":"box","text":"as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the","page_number":120,"box":{"x":46,"y":46,"width":902,"height":11}},{"id":"dde4448f-9aa1-4a8d-ac7e-2df92d33515b","block_type":"box","text":"global financial system.","page_number":120,"box":{"x":46,"y":61,"width":148,"height":10}},{"id":"daf4d97c-7b82-4e2d-8637-ef9754f4034d","block_type":"box","text":"Utility Companies Risk.","page_number":120,"box":{"x":46,"y":84,"width":160,"height":11}},{"id":"64b0e0d0-f1bf-4a76-bf3a-851059da8ce9","block_type":"box","text":"Utility infrastructure often requires significant capital expenditures, and utility companies may face high interest","page_number":120,"box":{"x":212,"y":84,"width":718,"height":11}},{"id":"7030ac1b-46d3-4758-9276-0cb373bd953a","block_type":"box","text":"costs and difficulty in raising capital. 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Utilities companies may be adversely affected by","page_number":120,"box":{"x":46,"y":126,"width":852,"height":11}},{"id":"7de728d8-ce38-4bf2-8007-7a62533f8dde","block_type":"box","text":"volatility in the price of certain energy resources.","page_number":120,"box":{"x":45,"y":140,"width":313,"height":11}},{"id":"96d20a9c-be00-41dd-aa94-3333e0b0dec9","block_type":"box","text":"Utility companies face risks from government regulation and oversight as well as from deregulation (if applicable). Regulators may monitor","page_number":120,"box":{"x":46,"y":164,"width":887,"height":11}},{"id":"cd767516-4b62-4274-bcdc-2de407a50f98","block_type":"box","text":"and control companies’ revenues and costs. There is no assurance that regulators will grant rate increases or that rate levels will be","page_number":120,"box":{"x":46,"y":178,"width":842,"height":11}},{"id":"e04d4813-f2fe-4481-a8da-11f65048a0cd","block_type":"box","text":"adequate to permit the payment of stock dividends or bond coupon payments. In addition, there may be regulatory restrictions on the ability","page_number":120,"box":{"x":46,"y":192,"width":899,"height":11}},{"id":"70f59543-f80b-420a-af83-fdfb586a526c","block_type":"box","text":"of utility companies to enter new lines of business and geographic areas. Utility companies incur costs in complying with environmental and","page_number":120,"box":{"x":46,"y":206,"width":894,"height":11}},{"id":"40311b6d-f923-4112-8e75-86eb973d2430","block_type":"box","text":"other regulations and may face significant challenges in obtaining regulatory approval for certain projects, such as nuclear power plants.","page_number":120,"box":{"x":46,"y":220,"width":872,"height":11}},{"id":"008ee0c6-a4cd-493d-a2eb-7e982543bedf","block_type":"box","text":"Utility companies are at risk of liability for environmental harm and other types of damages. Energy conservation, climate change and other","page_number":120,"box":{"x":46,"y":235,"width":891,"height":10}},{"id":"bafa5d18-dbff-4847-8ef1-609acaeabdbf","block_type":"box","text":"sustainability policies also may impact utility companies. 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The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":120,"box":{"x":46,"y":315,"width":857,"height":10}},{"id":"275e5928-cdb4-4e26-b06e-613d02cc8e12","block_type":"box","text":"applicable). Because non-U.S. exchanges or markets may be open on days or during time periods when a Fund does not price its shares, the","page_number":120,"box":{"x":46,"y":329,"width":897,"height":11}},{"id":"b5b8e26f-f3cb-451b-b390-8d78d2404bec","block_type":"box","text":"value of the securities or other assets in a Fund’s portfolio may change on days or during time periods when investors are not able to","page_number":120,"box":{"x":45,"y":343,"width":850,"height":11}},{"id":"45ba3377-2a20-4914-b803-6092f7c4c480","block_type":"box","text":"purchase or sell Fund shares.","page_number":120,"box":{"x":46,"y":357,"width":186,"height":11}},{"id":"99699f5c-77f4-4599-b41a-0cf7ddaa3335","block_type":"box","text":"In addition, for purposes of calculating a Fund’s NAV, the value of assets denominated in non-U.S. currencies (if any) is translated into U.S.","page_number":120,"box":{"x":46,"y":380,"width":886,"height":11}},{"id":"613dad28-884f-4db9-988e-37d2fdabdff2","block_type":"box","text":"dollars at the prevailing market rates. For a Fund that tracks an Underlying Index, this may result in a difference between the prices used to","page_number":120,"box":{"x":46,"y":394,"width":890,"height":11}},{"id":"59105170-1ba9-4291-92eb-fb36da7a9603","block_type":"box","text":"calculate the Fund’s NAV and the prices used by the Underlying Index, which, in turn, could result in a difference between the Fund’s","page_number":120,"box":{"x":46,"y":409,"width":846,"height":10}},{"id":"d1a747ee-4db4-4749-8c39-1faaebc5a086","block_type":"box","text":"performance and the performance of the Underlying Index. Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":120,"box":{"x":46,"y":423,"width":895,"height":11}},{"id":"732a076b-5034-43c5-a171-7a51562ea05c","block_type":"box","text":"is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would","page_number":120,"box":{"x":46,"y":437,"width":892,"height":11}},{"id":"c1344456-c90e-41a7-a128-92fae98cf23a","block_type":"box","text":"have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value","page_number":120,"box":{"x":46,"y":451,"width":858,"height":11}},{"id":"cfcf88fc-8b67-46dc-b848-470dceb2c07c","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":120,"box":{"x":46,"y":465,"width":771,"height":11}},{"id":"c6a65d93-9081-45f1-bb5b-4b0dea1ee8f4","block_type":"box","text":"Portfolio Holdings Information","page_number":120,"box":{"x":47,"y":494,"width":297,"height":17}},{"id":"94fbc304-ecb3-4701-bcb8-2b49035bfcd8","block_type":"box","text":"A description of the policies and procedures with respect to the disclosure of the Funds’ portfolio securities and other assets (as applicable)","page_number":120,"box":{"x":45,"y":523,"width":896,"height":11}},{"id":"1d7b6d24-0fb8-4cf2-824b-228f8c9c6d82","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":120,"box":{"x":46,"y":538,"width":905,"height":10}},{"id":"800ea8ec-6a0d-46d1-b04d-5bfd17d68ab0","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":120,"box":{"x":46,"y":552,"width":893,"height":11}},{"id":"d61ec6cf-f09f-4ec2-a6da-83bb880b4c50","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":120,"box":{"x":46,"y":566,"width":256,"height":11}},{"id":"9cba0cd7-f3c4-4174-b908-6b15c664618e","block_type":"box","text":"Management of the Funds","page_number":120,"box":{"x":47,"y":595,"width":258,"height":17}},{"id":"07fd63c4-ebb6-4944-8574-f77608384512","block_type":"box","text":"Investment Adviser","page_number":120,"box":{"x":46,"y":624,"width":135,"height":8}},{"id":"48362c68-ef84-4f2f-ba78-c4d9c128cf72","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. BFA provides an","page_number":120,"box":{"x":45,"y":647,"width":840,"height":11}},{"id":"7e8017cc-b0b8-4405-be11-9de15744042b","block_type":"box","text":"investment program for the Funds and manages the investment of the Funds’ assets. In seeking to achieve the Funds’ respective investment","page_number":120,"box":{"x":46,"y":661,"width":899,"height":11}},{"id":"37f50af5-bc60-4742-9e8a-357ea282acb6","block_type":"box","text":"objectives, BFA uses teams of portfolio managers, investment strategists and other investment specialists and may draw upon the trading,","page_number":120,"box":{"x":46,"y":675,"width":886,"height":11}},{"id":"608e6fd4-cda6-4306-852f-7546ebb1c2cd","block_type":"box","text":"research and expertise of its affiliates. This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":120,"box":{"x":46,"y":690,"width":853,"height":11}},{"id":"096a8099-db09-4185-aa4f-a974488e7a4c","block_type":"box","text":"BFA is a consolidated subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105. As of","page_number":120,"box":{"x":47,"y":713,"width":860,"height":11}},{"id":"92a3f116-de18-4865-b3f4-768119431db4","block_type":"box","text":"March 31, 2026, BFA and its affiliates provided investment advisory services for assets of approximately $13.9 trillion.","page_number":120,"box":{"x":46,"y":726,"width":753,"height":12}},{"id":"457f4c81-f800-41b8-9972-f92dfb0e83f8","block_type":"box","text":"From time to time, an employee of BlackRock may express views regarding a particular security or other instrument, asset class, company,","page_number":120,"box":{"x":46,"y":750,"width":888,"height":11}},{"id":"4f2fb844-2c43-446e-812c-4d0a33204410","block_type":"box","text":"industry, or market sector. Such views are the views of only that individual as of the time expressed. They do not necessarily represent the","page_number":120,"box":{"x":46,"y":764,"width":885,"height":11}},{"id":"d1f81702-4a4e-46fa-9c4f-3ccd8e7be3f2","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":120,"box":{"x":45,"y":779,"width":893,"height":10}},{"id":"2efb780e-714a-4a71-8597-c4b5415e8ed7","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. You should not rely on any such views as investment advice or as an","page_number":120,"box":{"x":46,"y":793,"width":886,"height":11}},{"id":"5635e8c5-4ed6-432f-bc07-96bfeb10fff5","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":120,"box":{"x":46,"y":807,"width":299,"height":11}},{"id":"7bf857f9-9f9e-4f65-9eac-2524cb31b87f","block_type":"box","text":"Fees and Expenses","page_number":120,"box":{"x":46,"y":830,"width":132,"height":11}},{"id":"5bc47811-6a63-4be4-b355-b31bf2a3547a","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Trust (entered into on behalf of the Funds), BFA is responsible for","page_number":120,"box":{"x":46,"y":853,"width":867,"height":11}},{"id":"c6bea138-b946-4bb3-8e3a-dbfb7653c262","block_type":"box","text":"substantially all expenses of each Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the","page_number":120,"box":{"x":46,"y":868,"width":858,"height":10}},{"id":"3841d1ee-9454-4778-8ec0-06f380a50b8c","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":120,"box":{"x":46,"y":882,"width":891,"height":11}},{"id":"dfce261e-e6cd-41c1-9551-55c00aaec02e","block_type":"box","text":"27","page_number":120,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"7dda3b84-6383-4fc4-9e01-306bed85c51f","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Trustees who are not","page_number":121,"box":{"x":45,"y":46,"width":839,"height":11}},{"id":"83e1fc16-6edf-4e3b-83bf-c859f656de08","block_type":"box","text":"“interested persons” of the Trust). Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees","page_number":121,"box":{"x":46,"y":61,"width":886,"height":10}},{"id":"3f4d1a06-8f5d-4d7c-aebc-eba34b8c3971","block_type":"box","text":"and Expenses, if any.","page_number":121,"box":{"x":46,"y":75,"width":132,"height":11}},{"id":"016601b1-8cf0-4c4a-94ae-cdd13cee2738","block_type":"box","text":"A discussion regarding the basis for the approval by the Board of the Investment Advisory Agreement with BFA is available in the Funds’ Form","page_number":121,"box":{"x":45,"y":98,"width":904,"height":11}},{"id":"3359019a-bc08-4155-ab36-07f5eda38e66","block_type":"box","text":"N-CSR filed with the SEC for the period ended September 30 and in the applicable financial statements and additional information","page_number":121,"box":{"x":47,"y":112,"width":831,"height":11}},{"id":"3790dabb-f556-4ad7-95f5-eefcc3069fd5","block_type":"box","text":"documents posted at www.iShares.com.","page_number":121,"box":{"x":46,"y":126,"width":257,"height":11}},{"id":"6023a87f-2499-4b05-9c42-1ecfcb984cf7","block_type":"box","text":"For its investment advisory services to each Fund, for the fiscal year ended March 31, 2026, BFA was paid a management fee from each","page_number":121,"box":{"x":46,"y":150,"width":867,"height":10}},{"id":"c154eb89-1eea-478f-a36c-911f1197862d","block_type":"box","text":"Fund, as a percentage of the Fund’s average daily net assets, net of any applicable waivers, at the annual rate set forth in the table below. 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For these services, the securities lending agent will","page_number":123,"box":{"x":46,"y":61,"width":855,"height":10}},{"id":"886ac30a-6f15-4273-8398-3c08d655a673","block_type":"box","text":"receive a fee from the participating Fund based on the returns earned on the Fund’s lending activities, including investment of the cash","page_number":123,"box":{"x":46,"y":75,"width":863,"height":11}},{"id":"5915b7d7-14bf-4f4e-86ec-f94bf7cf1f94","block_type":"box","text":"received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":123,"box":{"x":46,"y":89,"width":877,"height":11}},{"id":"f9f44655-c8d0-4376-9858-c3f77382b958","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":123,"box":{"x":46,"y":103,"width":363,"height":11}},{"id":"387d40a1-31c7-426e-8b57-3c3fd91379fa","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have retained BlackRock Investments, LLC (the “Distributor” or “BRIL”), an Affiliate of BFA,","page_number":123,"box":{"x":46,"y":126,"width":895,"height":11}},{"id":"8b5b1e84-62ef-4998-857e-5cfb899f60ae","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":123,"box":{"x":46,"y":140,"width":859,"height":11}},{"id":"84ac0653-92b3-42d9-adbf-ec83e388450f","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":123,"box":{"x":46,"y":155,"width":855,"height":11}},{"id":"cec19482-0a63-4fc4-9c94-83063c75c018","block_type":"box","text":"Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each creation or redemption order","page_number":123,"box":{"x":46,"y":169,"width":894,"height":11}},{"id":"0864495a-831e-415e-9624-cf14fcbc9f5e","block_type":"box","text":"from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the","page_number":123,"box":{"x":45,"y":183,"width":872,"height":11}},{"id":"caea4562-5d9d-4240-a857-7af9d3afa75f","block_type":"box","text":"design and development of the ETF Services platform. Citibank has, and from time to time may develop, additional relationships with","page_number":123,"box":{"x":46,"y":197,"width":848,"height":11}},{"id":"24e26121-feb7-4d22-9e57-8f75a3d8391a","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":123,"box":{"x":47,"y":211,"width":342,"height":11}},{"id":"c6606af1-2c46-472d-a0a4-9842a01a5180","block_type":"box","text":"BlackRock and its Affiliates may benefit from a Fund using a BlackRock index by creating increasing acceptance in the marketplace for such","page_number":123,"box":{"x":47,"y":235,"width":893,"height":10}},{"id":"1d7ae953-51f3-46b7-aa02-0738b29340ef","block_type":"box","text":"indexes. BlackRock and its Affiliates are not obligated to license an index to a Fund, and no Fund is under an obligation to use a BlackRock","page_number":123,"box":{"x":46,"y":249,"width":885,"height":11}},{"id":"09368639-7551-423f-a6d2-21d6ed579033","block_type":"box","text":"index. The terms of a Fund’s index licensing agreement with BlackRock or its Affiliates may not be as favorable as the terms offered to other","page_number":123,"box":{"x":46,"y":263,"width":896,"height":11}},{"id":"9f131524-383b-459c-992e-e2f3f07d7f82","block_type":"box","text":"licensees.","page_number":123,"box":{"x":46,"y":277,"width":62,"height":9}},{"id":"21dd7606-3659-4c2d-a285-72936862b528","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees may give rise to other conflicts of interest that","page_number":123,"box":{"x":45,"y":300,"width":876,"height":11}},{"id":"a08648fd-61f4-44a2-8f74-b04975f945c0","block_type":"box","text":"could disadvantage a Fund and its shareholders. BFA has adopted policies and procedures designed to address these potential conflicts of","page_number":123,"box":{"x":46,"y":315,"width":886,"height":10}},{"id":"c7cc1f40-0666-4ab6-b1fa-41a7358b5701","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":123,"box":{"x":46,"y":329,"width":326,"height":8}},{"id":"9d1e69c3-f2e5-4e7d-8ef4-093e6f79d973","block_type":"box","text":"Shareholder Information","page_number":123,"box":{"x":46,"y":358,"width":241,"height":13}},{"id":"c3c7705a-2da4-4a38-b352-6d35c7a5ea25","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Funds, is available free of charge by calling toll-free","page_number":123,"box":{"x":45,"y":387,"width":820,"height":11}},{"id":"7cd21b24-1f22-4749-a375-a457edb8e0f0","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":123,"box":{"x":48,"y":401,"width":383,"height":11}},{"id":"0d5ef4e4-aefa-4eca-a0e8-088284734d20","block_type":"box","text":"Buying and Selling Shares","page_number":123,"box":{"x":46,"y":424,"width":181,"height":11}},{"id":"9194b6e0-e81f-45f1-a796-9887904ad5de","block_type":"box","text":"Transactions in shares of the Funds occur in the primary market and the secondary market. Primary market transactions, known as","page_number":123,"box":{"x":45,"y":447,"width":840,"height":11}},{"id":"013b05dd-7038-4511-8859-83168d7a0c66","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":123,"box":{"x":46,"y":462,"width":584,"height":10}},{"id":"8c44cf9f-4487-4c4c-b395-54bde37b4da0","block_type":"box","text":"i.e","page_number":123,"box":{"x":631,"y":462,"width":14,"height":8}},{"id":"284fa5a1-aa1a-4be0-9e49-fc1d1bf627bd","block_type":"box","text":"., financial institutions that are authorized to","page_number":123,"box":{"x":647,"y":461,"width":282,"height":11}},{"id":"d9e89db3-5ce3-4137-80d1-4093de5eed08","block_type":"box","text":"participate in such transactions), as described in the","page_number":123,"box":{"x":46,"y":476,"width":335,"height":10}},{"id":"e73ac4cb-8359-4e10-8d82-db427363d9ca","block_type":"box","text":"Creations and Redemptions","page_number":123,"box":{"x":386,"y":476,"width":174,"height":10}},{"id":"f46484ab-0a5b-442b-9d44-b6079707bbc0","block_type":"box","text":"section below.","page_number":123,"box":{"x":565,"y":476,"width":90,"height":8}},{"id":"56a86e19-354f-4910-b778-d0a8b89e85dd","block_type":"box","text":"Fund shares are listed on U.S. national securities exchanges, where they can be bought and sold throughout the trading day at market prices,","page_number":123,"box":{"x":46,"y":499,"width":904,"height":11}},{"id":"1927b647-5b17-4f20-8a5a-7f75cb702fdc","block_type":"box","text":"like shares of other publicly traded companies. A Fund’s shares may also be available in other secondary markets, such as on non-U.S.","page_number":123,"box":{"x":46,"y":513,"width":861,"height":11}},{"id":"0b4f48e8-92b0-4ceb-aa68-3bf845dedc7c","block_type":"box","text":"exchanges and through funds or structured investment vehicles similar to depositary receipts. The Funds do not impose any minimum","page_number":123,"box":{"x":46,"y":527,"width":856,"height":11}},{"id":"a367af39-3285-4486-a011-1ae974b64211","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":123,"box":{"x":46,"y":541,"width":597,"height":11}},{"id":"0f32d41b-d204-49b7-b7ab-e2853ade2d3d","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market generally involves two types of costs that are common in securities","page_number":123,"box":{"x":47,"y":565,"width":899,"height":10}},{"id":"63e5b296-42ad-4fdb-be7d-6b7793baa2f7","block_type":"box","text":"transactions. First, when buying or selling Fund shares through a broker, you may incur a brokerage commission and other charges. The","page_number":123,"box":{"x":46,"y":579,"width":868,"height":11}},{"id":"9cd809f7-d197-4c18-9a4c-72474940c469","block_type":"box","text":"commission is frequently a fixed amount; it may be a significant proportional cost if you are seeking to buy or sell small amounts of shares.","page_number":123,"box":{"x":46,"y":593,"width":888,"height":11}},{"id":"0c67e042-494b-45e4-9ef1-8aa9fbb8e0c9","block_type":"box","text":"Second, you may incur the cost of the “spread,” which is any difference between the bid price and the ask price for the shares. The spread","page_number":123,"box":{"x":46,"y":607,"width":884,"height":11}},{"id":"0b47309d-6d95-48bb-bfc7-125366c7bb01","block_type":"box","text":"varies over time based on a Fund’s trading volume and market liquidity. Generally, the spread is smaller if a Fund has high trading volume and","page_number":123,"box":{"x":45,"y":621,"width":905,"height":11}},{"id":"ea07ed83-470d-468f-927f-b85d103066e4","block_type":"box","text":"market liquidity, and larger if a Fund has lower trading volume and market liquidity. The latter is often the case for newly launched or smaller","page_number":123,"box":{"x":46,"y":636,"width":897,"height":10}},{"id":"5bf54be2-b314-4e68-9992-44b8863c6249","block_type":"box","text":"funds. A Fund’s spread may also be impacted by the liquidity (or lack thereof) of the underlying securities or other assets held by the Fund,","page_number":123,"box":{"x":45,"y":650,"width":888,"height":11}},{"id":"a36a82a6-5a10-486d-9670-23ba9e6b2b01","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":123,"box":{"x":46,"y":664,"width":713,"height":11}},{"id":"7a13c655-34ae-4913-99e1-5071899966e6","block_type":"box","text":"The U.S. national securities exchanges that list Fund shares are open for trading Monday through Friday and are closed on weekends and the","page_number":123,"box":{"x":45,"y":687,"width":903,"height":11}},{"id":"ac629a46-9fc6-4419-8731-eeea01f87090","block_type":"box","text":"following holidays (or the days on which they are observed): New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday,","page_number":123,"box":{"x":45,"y":701,"width":856,"height":11}},{"id":"5a0e60ff-84b0-4c21-a466-6801aaace505","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":123,"box":{"x":46,"y":715,"width":613,"height":11}},{"id":"3d6cb5b4-65a9-4c88-953d-1f757a28c621","block_type":"box","text":"Investments in Investment Companies","page_number":123,"box":{"x":46,"y":739,"width":269,"height":10}},{"id":"591ffdf3-1267-4a5e-a10b-4cd8e5f23caa","block_type":"box","text":"Section 12(d)(1) of the 1940 Act generally restricts investments by investment companies, including foreign and unregistered investment","page_number":123,"box":{"x":46,"y":762,"width":873,"height":11}},{"id":"ec92b13e-2f98-4eae-8c2c-1a120ac6c15e","block_type":"box","text":"companies, in the securities of other investment companies. For example, a registered investment company (the “Acquired Fund”), such as","page_number":123,"box":{"x":46,"y":776,"width":888,"height":11}},{"id":"093504ee-fac8-431e-9976-ec39f5a88e48","block_type":"box","text":"the Funds, may not knowingly sell or otherwise dispose of any security issued by the Acquired Fund to any investment company (the","page_number":123,"box":{"x":46,"y":790,"width":847,"height":11}},{"id":"0d911bd7-9a6f-4e3f-922d-692c1b862730","block_type":"box","text":"“Acquiring Fund”) or any company or companies controlled by the Acquiring Fund if, immediately after such sale or disposition: (i) more than","page_number":123,"box":{"x":46,"y":804,"width":897,"height":11}},{"id":"e73f90d3-092b-48e5-8a5b-d5c98ff40fed","block_type":"box","text":"3% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and any company or companies controlled by","page_number":123,"box":{"x":46,"y":819,"width":890,"height":10}},{"id":"7018bb6b-b8ed-4a9a-9d12-cd62c008f9cf","block_type":"box","text":"the Acquiring Fund, or (ii) more than 10% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and other","page_number":123,"box":{"x":46,"y":833,"width":904,"height":11}},{"id":"7e9d9767-1244-4dd8-bb38-5137e74cc0ca","block_type":"box","text":"investment companies and companies controlled by them.","page_number":123,"box":{"x":46,"y":847,"width":373,"height":11}},{"id":"32b718c5-808e-44a8-a70d-fc71338252df","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in","page_number":123,"box":{"x":47,"y":870,"width":815,"height":11}},{"id":"55f47207-78d9-4c27-8966-1d90fd99bfc6","block_type":"box","text":"Section 12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an","page_number":123,"box":{"x":46,"y":884,"width":864,"height":11}},{"id":"74b9b7a2-8862-4e63-b651-8733707ac78e","block_type":"box","text":"Acquired Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund","page_number":123,"box":{"x":45,"y":898,"width":869,"height":11}},{"id":"3c2597c7-f9a8-4435-9be3-513fb5787fdc","block_type":"box","text":"30","page_number":123,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"456a3de9-ceee-49cc-b300-fea0a7fe2fd0","block_type":"box","text":"invests significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on","page_number":124,"box":{"x":46,"y":46,"width":890,"height":11}},{"id":"a33373f2-805e-42d6-82dd-4eed95b736ee","block_type":"box","text":"Rule 12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund","page_number":124,"box":{"x":46,"y":61,"width":877,"height":10}},{"id":"12e9130c-fcbb-4871-b3d6-efe16b433ebb","block_type":"box","text":"beyond the limits set forth in Section 12(d)(1) should contact BFA.","page_number":124,"box":{"x":46,"y":75,"width":418,"height":11}},{"id":"8234d39e-8769-47ce-acd8-5d19dcc1354e","block_type":"box","text":"Foreign investment companies are permitted to invest in a Fund only up to the limits set forth in Section 12(d)(1), subject to any applicable","page_number":124,"box":{"x":46,"y":98,"width":884,"height":11}},{"id":"dd42ed72-5e3e-43e7-81ed-a3760a52ef56","block_type":"box","text":"SEC no-action relief.","page_number":124,"box":{"x":46,"y":112,"width":130,"height":9}},{"id":"f24c628a-9730-4037-b59b-65cb084d0b86","block_type":"box","text":"Book Entry","page_number":124,"box":{"x":46,"y":135,"width":76,"height":11}},{"id":"ffb05381-1672-4947-89d8-34511a5225c8","block_type":"box","text":"Shares of the Funds are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company (“DTC”),","page_number":124,"box":{"x":46,"y":159,"width":891,"height":10}},{"id":"06ab9f72-0ae3-4c07-b3a1-7dccd9cab995","block_type":"box","text":"which serves as the securities depository for shares of the Funds, or its nominee is the record owner of, and holds legal title to, all","page_number":124,"box":{"x":45,"y":173,"width":832,"height":11}},{"id":"5f51d784-e82b-4936-9ada-4bf4c48ddc61","block_type":"box","text":"outstanding shares of the Funds.","page_number":124,"box":{"x":46,"y":187,"width":209,"height":11}},{"id":"e7959961-658f-404f-969a-218872669187","block_type":"box","text":"Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. DTC participants include securities","page_number":124,"box":{"x":46,"y":210,"width":886,"height":11}},{"id":"8684609a-cfba-4ef7-a8ce-4c8d42ed7f62","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":124,"box":{"x":46,"y":224,"width":863,"height":11}},{"id":"67b9f2f0-8a47-4779-bf89-a05e94e70de4","block_type":"box","text":"relationship with DTC. As a beneficial owner of Fund shares, you are not entitled to receive physical delivery of stock certificates or to have","page_number":124,"box":{"x":46,"y":238,"width":888,"height":11}},{"id":"0ce42b10-7e29-40ac-b3a6-0e606654776e","block_type":"box","text":"shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of","page_number":124,"box":{"x":46,"y":253,"width":873,"height":10}},{"id":"7d41d730-d525-425e-add3-548eb9819963","block_type":"box","text":"Fund shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other","page_number":124,"box":{"x":46,"y":267,"width":900,"height":11}},{"id":"f1f902b0-7b99-4ef8-a8dc-9b9b9160a23a","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":124,"box":{"x":46,"y":281,"width":329,"height":11}},{"id":"7b988e1c-aafc-41ca-87f0-5bd26fc73817","block_type":"box","text":"Share Prices","page_number":124,"box":{"x":46,"y":304,"width":87,"height":9}},{"id":"efb02d60-3f60-49d1-a90c-63195762e6f2","block_type":"box","text":"The trading prices of a Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by various factors,","page_number":124,"box":{"x":45,"y":327,"width":895,"height":11}},{"id":"613706d9-722f-4fcb-a09d-1dbee987da23","block_type":"box","text":"such as the supply of and demand for ETF shares and the securities or other assets held by a Fund as well as other market and economic","page_number":124,"box":{"x":46,"y":342,"width":876,"height":10}},{"id":"0fde3448-1d65-4e10-a853-fe200d80bf32","block_type":"box","text":"conditions.","page_number":124,"box":{"x":46,"y":356,"width":69,"height":8}},{"id":"a4157ef1-39e4-41bc-b108-fdd4629e164c","block_type":"box","text":"Determination of Net Asset Value","page_number":124,"box":{"x":46,"y":379,"width":233,"height":8}},{"id":"5883a618-58a8-4349-98a0-d3c8c43f4ae4","block_type":"box","text":"The NAV of a Fund normally is determined once daily Monday through Friday, on each day that the New York Stock Exchange (“NYSE”) is","page_number":124,"box":{"x":45,"y":402,"width":873,"height":11}},{"id":"e2e42119-db06-4522-9f18-7e141dd8749e","block_type":"box","text":"open for trading. The NAV generally is determined as of the close of the NYSE’s regular trading hours, normally 4:00 p.m. Eastern time, based","page_number":124,"box":{"x":46,"y":416,"width":904,"height":11}},{"id":"daf245aa-7f6c-4f27-9584-f5ca995fa954","block_type":"box","text":"on prices at the time of closing.","page_number":124,"box":{"x":46,"y":431,"width":200,"height":10}},{"id":"9d7bf9d1-463c-487d-afea-a8a314313180","block_type":"box","text":"Any Fund assets or liabilities that are denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing","page_number":124,"box":{"x":45,"y":454,"width":884,"height":11}},{"id":"2cc47e41-6749-4930-a0c3-7c293e932aa1","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":124,"box":{"x":46,"y":468,"width":554,"height":11}},{"id":"f6a0b47f-847c-4e86-9918-17dba5af9e37","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":124,"box":{"x":45,"y":491,"width":501,"height":11}},{"id":"1e174435-a370-4264-a30b-d62cbf1a6389","block_type":"box","text":"i.e","page_number":124,"box":{"x":547,"y":491,"width":15,"height":9}},{"id":"c22ba67c-98ee-4858-b175-dc540a9a4ab2","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":124,"box":{"x":563,"y":491,"width":354,"height":11}},{"id":"45c35952-5100-4f7a-811e-d58e034ad91e","block_type":"box","text":"underlying fund shares in which the Fund invests, less total liabilities) by the total number of outstanding shares of the Fund, generally","page_number":124,"box":{"x":46,"y":505,"width":858,"height":11}},{"id":"139887f2-0af3-4a64-942b-ad874d174791","block_type":"box","text":"rounded to the nearest cent. The value of a Fund’s assets and liabilities is determined pursuant to BFA’s valuation policies and procedures.","page_number":124,"box":{"x":46,"y":519,"width":884,"height":11}},{"id":"62b1ef62-4d39-4e23-adfe-4fc0ddcdef67","block_type":"box","text":"BFA has been designated by the Board as the valuation designee for each Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":124,"box":{"x":47,"y":534,"width":880,"height":11}},{"id":"9d70bc5a-ef4a-4cca-aa49-fab54ddfeb20","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized) for which market","page_number":124,"box":{"x":46,"y":557,"width":868,"height":11}},{"id":"5a7259e7-cb14-418d-b2ba-c6e09be61e03","block_type":"box","text":"quotations are readily available are valued at market value, which is generally determined using the last reported official closing price or, if a","page_number":124,"box":{"x":46,"y":571,"width":896,"height":11}},{"id":"423d2285-1fb2-41bf-a17e-ccd7a017c6b8","block_type":"box","text":"reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded","page_number":124,"box":{"x":46,"y":585,"width":903,"height":11}},{"id":"690215c5-c20a-434e-9539-a6a6a682a4ee","block_type":"box","text":"at the time of valuation. Shares of underlying open-end funds (including money market funds) that are not traded on an exchange are valued","page_number":124,"box":{"x":46,"y":599,"width":897,"height":11}},{"id":"caaeb607-e674-4c3b-b88a-c4d8e0d42d35","block_type":"box","text":"at net asset value. Shares of underlying ETFs and closed-end funds that trade on exchanges are valued at their most recent market closing","page_number":124,"box":{"x":46,"y":614,"width":887,"height":10}},{"id":"7747bcba-cbcc-4c88-8bea-b8cf828745aa","block_type":"box","text":"price.","page_number":124,"box":{"x":46,"y":628,"width":34,"height":11}},{"id":"660f41ea-641e-49ba-85b5-b80ead8c3b91","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided by","page_number":124,"box":{"x":46,"y":651,"width":905,"height":11}},{"id":"f1cd0e87-b1ad-467d-8410-49810d33c85c","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in accordance","page_number":124,"box":{"x":46,"y":665,"width":891,"height":11}},{"id":"92ba7341-f9b0-4714-86ec-193466e0b17b","block_type":"box","text":"with BFA’s valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain inputs and","page_number":124,"box":{"x":45,"y":679,"width":862,"height":11}},{"id":"916dab09-5816-4d9e-bf18-0a2641ee216a","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":124,"box":{"x":46,"y":694,"width":901,"height":10}},{"id":"009346b4-056a-44bb-9241-c64b24a5e41e","block_type":"box","text":"lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at","page_number":124,"box":{"x":46,"y":708,"width":905,"height":11}},{"id":"61e04964-f6c8-4105-8515-b916aecfe0f8","block_type":"box","text":"lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a","page_number":124,"box":{"x":46,"y":722,"width":899,"height":11}},{"id":"89c90c97-8c95-4805-ad51-eb1b6dbeb9e9","block_type":"box","text":"Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless","page_number":124,"box":{"x":46,"y":736,"width":903,"height":11}},{"id":"e65f59a9-822b-44cc-9a84-790cf6828089","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":124,"box":{"x":47,"y":750,"width":491,"height":11}},{"id":"234f9a62-e594-427c-8b71-e3ea06a48362","block_type":"box","text":"Generally, trading in certain instruments (","page_number":124,"box":{"x":46,"y":773,"width":265,"height":11}},{"id":"f7e8e2fc-94a6-42fd-8e24-4ab5a5ebc804","block_type":"box","text":"e.g","page_number":124,"box":{"x":312,"y":776,"width":19,"height":8}},{"id":"2e8abb9b-7cad-4968-a09b-f9f777e4674e","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":124,"box":{"x":332,"y":773,"width":599,"height":11}},{"id":"db0d8bce-2b2c-4afd-b492-2cd58f77a6c5","block_type":"box","text":"various times prior to the close of the NYSE’s regular trading hours. The values of such instruments used in computing a Fund’s NAV are","page_number":124,"box":{"x":45,"y":788,"width":870,"height":10}},{"id":"198718ac-a980-410d-8fee-070a4da2cc9b","block_type":"box","text":"determined as of such times.","page_number":124,"box":{"x":46,"y":802,"width":184,"height":8}},{"id":"e3d5ab9d-641f-457a-863d-47556cbca25b","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary","page_number":124,"box":{"x":46,"y":825,"width":886,"height":11}},{"id":"04b31ee1-20b5-4822-80ac-206f7023868f","block_type":"box","text":"multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the","page_number":124,"box":{"x":46,"y":839,"width":901,"height":11}},{"id":"5c8c8ed1-8eb0-4f49-b813-0dc1fcd9fcf8","block_type":"box","text":"prices of foreign assets in one or more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of","page_number":124,"box":{"x":46,"y":853,"width":904,"height":11}},{"id":"a0841f7e-e01a-46dc-b3b2-29c11c262e91","block_type":"box","text":"a Fund’s pricing time.","page_number":124,"box":{"x":46,"y":868,"width":136,"height":10}},{"id":"de68f613-3c1b-4f4a-87af-5771e2ec4a20","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and other derivatives may be valued using a mathematical","page_number":124,"box":{"x":46,"y":891,"width":877,"height":11}},{"id":"5b7ea22d-a7fa-429b-b00b-c6f01257aab3","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":124,"box":{"x":46,"y":905,"width":392,"height":11}},{"id":"0a529be7-69ce-4afb-9d7f-93addddd82fc","block_type":"box","text":"31","page_number":124,"box":{"x":492,"y":944,"width":12,"height":8}},{"id":"8399dbda-226c-4742-ae32-194509dad6e8","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value a Fund’s investments in","page_number":125,"box":{"x":45,"y":46,"width":838,"height":11}},{"id":"96bfe1d5-f6f0-4b05-93d9-7dd80e0bca24","block_type":"box","text":"accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. It is the","page_number":125,"box":{"x":46,"y":61,"width":874,"height":10}},{"id":"19e6553c-09eb-4a62-86b7-89dd7d733dbb","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an","page_number":125,"box":{"x":46,"y":75,"width":834,"height":11}},{"id":"fe78d888-7fa3-439e-8cd3-d3b8fa5a7ceb","block_type":"box","text":"arm’s-length transaction.","page_number":125,"box":{"x":46,"y":89,"width":160,"height":11}},{"id":"60fe463d-5984-4d54-aeb6-88fb78759a98","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":125,"box":{"x":47,"y":112,"width":531,"height":11}},{"id":"3bef1a2c-2929-47e9-b8ee-c28b11cbcfde","block_type":"box","text":"An asset or liability does not have a price source due to its lack of trading or other reasons;","page_number":125,"box":{"x":82,"y":130,"width":583,"height":11}},{"id":"1527968f-dcc7-429c-8258-d4e13ecbd968","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":125,"box":{"x":82,"y":148,"width":768,"height":11}},{"id":"98c2987e-86c8-4643-b1a9-0e99d9123c5e","block_type":"box","text":"An asset or liability is thinly traded;","page_number":125,"box":{"x":82,"y":166,"width":224,"height":11}},{"id":"21f7f21b-2eee-43df-bdf0-a6c74b81463e","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":125,"box":{"x":82,"y":184,"width":508,"height":11}},{"id":"a0ed6a9b-b10c-4b04-b78b-52688c4be94a","block_type":"box","text":"The trading market on which an instrument is listed is suspended or closed and no appropriate alternative trading market is available.","page_number":125,"box":{"x":82,"y":202,"width":854,"height":11}},{"id":"015dfad6-3f97-4bb6-8528-a56c43ebc265","block_type":"box","text":"A “significant event” is deemed to occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing a Fund’s","page_number":125,"box":{"x":45,"y":226,"width":875,"height":10}},{"id":"a702c7c1-77c0-48ce-bc1d-46e2cafca3ed","block_type":"box","text":"assets or liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price of one or","page_number":125,"box":{"x":46,"y":240,"width":875,"height":11}},{"id":"559411b1-bfc9-4710-9f8c-6a4946a510a2","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":125,"box":{"x":46,"y":254,"width":246,"height":8}},{"id":"52f92133-167c-4471-ad87-19281f2e53ee","block_type":"box","text":"Valuing a Fund’s investments using fair value pricing may result in prices that differ from current market valuations and that may not be the","page_number":125,"box":{"x":45,"y":277,"width":890,"height":11}},{"id":"6286cbe9-4882-4586-827f-c8bd691277ea","block_type":"box","text":"prices at which those investments could have been sold during the period for which the particular fair values were used. For an index Fund,","page_number":125,"box":{"x":46,"y":291,"width":888,"height":11}},{"id":"7e6932ea-bfda-41fa-a36a-4a7807a0b845","block_type":"box","text":"the use of both fair value prices and current market valuations in a particular NAV calculation could result in a difference between the prices","page_number":125,"box":{"x":46,"y":305,"width":896,"height":11}},{"id":"f121b876-6b41-488f-b2a3-74b2d8364e59","block_type":"box","text":"used to calculate a Fund’s NAV and the prices used by the Fund’s underlying index. This could, in turn, result in a difference between the","page_number":125,"box":{"x":46,"y":320,"width":871,"height":11}},{"id":"26044484-ac2d-48c9-8279-d845fe2b0317","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":125,"box":{"x":46,"y":334,"width":414,"height":11}},{"id":"cd276b7a-71fd-48ad-8b21-67e83a3cb6e1","block_type":"box","text":"Dividends and Distributions","page_number":125,"box":{"x":46,"y":357,"width":193,"height":9}},{"id":"0ffcb453-5ea8-426c-9f75-2dd9b553322f","block_type":"box","text":"General Policies.","page_number":125,"box":{"x":46,"y":380,"width":103,"height":9}},{"id":"a00a15f0-c784-495b-ac86-6ae38321e786","block_type":"box","text":"A Fund generally declares and pays dividends from net investment income, if any, at least once a year. Distributions of net","page_number":125,"box":{"x":155,"y":380,"width":781,"height":11}},{"id":"7791c0f3-ec18-495a-8a0b-ac5cf32be172","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":125,"box":{"x":46,"y":394,"width":888,"height":11}},{"id":"70c5af80-8db7-4936-baaf-600f93475a4c","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":125,"box":{"x":45,"y":409,"width":905,"height":10}},{"id":"e3baf021-7b01-4128-a15d-71fc025ffc29","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":125,"box":{"x":46,"y":423,"width":893,"height":11}},{"id":"9c77f172-6454-4441-a4c9-e1b2ef884e4f","block_type":"box","text":"or realized gains.","page_number":125,"box":{"x":46,"y":437,"width":107,"height":11}},{"id":"66502bbb-3180-4ffc-97fa-182b0d185a4e","block_type":"box","text":"Dividends and other distributions on Fund shares are distributed on a pro rata basis to beneficial owners of the shares. Dividend payments","page_number":125,"box":{"x":46,"y":460,"width":885,"height":11}},{"id":"42df61d5-0e18-4707-bd97-b3008fc36720","block_type":"box","text":"and other distributions are made through DTC participants and indirect participants to beneficial owners then of record with proceeds","page_number":125,"box":{"x":46,"y":474,"width":855,"height":11}},{"id":"e2c08733-0ab6-4a49-9d28-0a5be292c19c","block_type":"box","text":"received from the Funds.","page_number":125,"box":{"x":46,"y":489,"width":158,"height":8}},{"id":"c6925beb-78c0-4329-8d28-453fa77169de","block_type":"box","text":"Dividend Reinvestment Service.","page_number":125,"box":{"x":46,"y":512,"width":196,"height":8}},{"id":"17a3016a-9742-4b75-96e4-63bc62adec4d","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":125,"box":{"x":249,"y":512,"width":667,"height":11}},{"id":"85ce569a-663e-481c-8254-ed74c6c383b4","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":125,"box":{"x":46,"y":526,"width":900,"height":11}},{"id":"fd2f3729-46c8-4afa-8222-c54d56ff134a","block_type":"box","text":"contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require beneficial","page_number":125,"box":{"x":46,"y":540,"width":869,"height":11}},{"id":"942da82b-ccfb-4042-8499-ec516e044fc3","block_type":"box","text":"owners to adhere to specific procedures and timetables. If the program is used, dividend distributions of both income and realized gains will","page_number":125,"box":{"x":46,"y":554,"width":895,"height":11}},{"id":"b037d6d4-74b8-4bf4-b25f-9e8208715978","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":125,"box":{"x":46,"y":569,"width":616,"height":10}},{"id":"4dcc9f47-aec0-4399-a5ef-e1a2bc3525f9","block_type":"box","text":"Note on Tax Information.","page_number":125,"box":{"x":46,"y":592,"width":166,"height":8}},{"id":"cc9e7411-e1a2-4d28-bb16-696b77c04163","block_type":"box","text":"The following sections summarize some of the consequences under current U.S. federal tax law of an investment in","page_number":125,"box":{"x":219,"y":592,"width":723,"height":11}},{"id":"9a3349e7-e2fa-4fa7-a9b5-093c7e7733ff","block_type":"box","text":"a Fund. This information is not a substitute for personal tax advice. You may also be subject to state and local taxation on Fund distributions and","page_number":125,"box":{"x":45,"y":606,"width":906,"height":11}},{"id":"2976a75b-de30-419f-95a9-59b748d3c187","block_type":"box","text":"sales of Fund shares. Distributions that are attributable to interest from U.S. federal government obligations may be exempt from certain state","page_number":125,"box":{"x":45,"y":620,"width":894,"height":11}},{"id":"24d9bf9d-2476-4079-9f0a-38373c608777","block_type":"box","text":"and local tax. Consult your personal tax advisor about the potential tax consequences of an investment in Fund shares under all applicable tax","page_number":125,"box":{"x":45,"y":634,"width":894,"height":11}},{"id":"dc4497c6-5c05-4248-9529-5d0910e66a87","block_type":"box","text":"laws.","page_number":125,"box":{"x":45,"y":649,"width":30,"height":8}},{"id":"d69b4c71-82f3-4ad4-b075-bb51174c83c7","block_type":"box","text":"Taxes","page_number":125,"box":{"x":45,"y":672,"width":38,"height":8}},{"id":"a7394829-fd58-49dc-a81a-794903c205a9","block_type":"box","text":"As with any investment, you should consider how your investment in shares of a Fund will be taxed, including possible tax consequences","page_number":125,"box":{"x":45,"y":695,"width":874,"height":11}},{"id":"4acbaf1b-92a1-47b9-ba4d-9be2b7f5866f","block_type":"box","text":"when a Fund makes distributions or when you sell Fund shares. The tax information in this Prospectus is provided as general information,","page_number":125,"box":{"x":45,"y":709,"width":877,"height":11}},{"id":"6825d77e-0070-48ef-8923-d36ab282cdb5","block_type":"box","text":"based on current law. You should consult your own tax professional about the tax consequences of an investment in shares of a Fund. There","page_number":125,"box":{"x":46,"y":723,"width":895,"height":11}},{"id":"7ba803a8-4da3-4a87-8c13-fbe1bdd08bec","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":125,"box":{"x":46,"y":737,"width":594,"height":11}},{"id":"b663e4ae-ffeb-4216-9c1e-998e9b2e241d","block_type":"box","text":"Taxes on Fund Distributions","page_number":125,"box":{"x":45,"y":761,"width":195,"height":8}},{"id":"701ea30f-d576-4edd-9df5-ef3f5f7cd374","block_type":"box","text":"Shareholders in a Fund will receive information after the end of each calendar year setting forth the amount of dividends and long-term","page_number":125,"box":{"x":46,"y":784,"width":863,"height":11}},{"id":"925ced60-e805-468c-9dfb-621082026b20","block_type":"box","text":"capital gains distributed to them by the Fund during the prior year, if any. Likewise, the amount of tax-exempt income, if any, that a Fund","page_number":125,"box":{"x":46,"y":798,"width":873,"height":11}},{"id":"6f6bac77-4f24-4e2e-bf61-20892a0156d7","block_type":"box","text":"distributes will be reported. Such income must be reported on the shareholder’s U.S. federal income tax return.","page_number":125,"box":{"x":46,"y":812,"width":713,"height":11}},{"id":"37eefd83-30eb-4b00-a763-856e8d92eecd","block_type":"box","text":"In general, distributions are subject to U.S. federal income tax for the year when they are paid. Certain distributions paid in January, however,","page_number":125,"box":{"x":46,"y":835,"width":903,"height":11}},{"id":"0ca4f043-9b70-4483-aef6-c99918afc0d7","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":125,"box":{"x":46,"y":850,"width":365,"height":10}},{"id":"caf5f3a7-2c56-46f8-9db6-227751eac721","block_type":"box","text":"Capital Gains.","page_number":125,"box":{"x":46,"y":873,"width":85,"height":10}},{"id":"79f9a92e-0b96-4924-85b1-32dd7972ad08","block_type":"box","text":"Distributions from a Fund’s net investment income (other than qualified dividend income or from net tax-exempt income, if","page_number":125,"box":{"x":138,"y":873,"width":786,"height":11}},{"id":"1d28e797-7129-43a7-bd34-3ec22142c479","block_type":"box","text":"any), including distributions of income from securities lending and distributions out of a Fund’s net short-term capital gains, if any, are","page_number":125,"box":{"x":46,"y":887,"width":856,"height":11}},{"id":"9c0ef547-8d4e-48f7-8cf1-a041a36d5e81","block_type":"box","text":"taxable to you as ordinary income. Distributions by a Fund of net long-term capital gains, if any, in excess of net short-term capital losses","page_number":125,"box":{"x":46,"y":901,"width":878,"height":11}},{"id":"b7ef140e-f9a8-4db0-9bb3-d62978f13bd6","block_type":"box","text":"32","page_number":125,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"ddff3df1-601b-4f13-8877-570b1637feba","block_type":"box","text":"(capital gain dividends) are taxable to you as long-term capital gains, regardless of how long you have held the Fund’s shares. Long-term","page_number":126,"box":{"x":46,"y":46,"width":872,"height":11}},{"id":"a4fab88b-990b-4809-8840-bfab25ef8e2c","block_type":"box","text":"capital gains and qualified dividend income are generally eligible for taxation at preferential rates for non-corporate shareholders. However,","page_number":126,"box":{"x":46,"y":61,"width":892,"height":10}},{"id":"aa96f6b9-8a4e-4085-acdb-fd901f510f48","block_type":"box","text":"different preferential rates may apply depending on the type of capital gains, such as Fund distributions of certain amounts received from","page_number":126,"box":{"x":46,"y":75,"width":878,"height":11}},{"id":"213a08ac-fc77-4281-8b63-baa160dbf74f","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":126,"box":{"x":46,"y":89,"width":290,"height":11}},{"id":"4d667e40-3eaa-433b-842f-1924cb7ca77e","block_type":"box","text":"Return of Capital.","page_number":126,"box":{"x":46,"y":112,"width":108,"height":11}},{"id":"e1cddf98-4d5a-4853-8616-0eda3a765768","block_type":"box","text":"If a Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions made in","page_number":126,"box":{"x":161,"y":112,"width":775,"height":11}},{"id":"ed34155a-e8cc-4ba6-b69e-967c8974c616","block_type":"box","text":"the taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution generally will not be taxable but","page_number":126,"box":{"x":46,"y":126,"width":904,"height":11}},{"id":"140d78f0-58a7-40a3-8b4f-dd5ef4034154","block_type":"box","text":"will reduce the shareholder’s cost basis and result in a higher capital gain or lower capital loss when those shares on which the distribution","page_number":126,"box":{"x":45,"y":141,"width":888,"height":10}},{"id":"aa1a8048-bed5-48a4-adce-d81eb9b60d83","block_type":"box","text":"was received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains, if the","page_number":126,"box":{"x":45,"y":155,"width":843,"height":11}},{"id":"2a2e8fd8-4f24-44ee-95c6-3d30dd307d68","block_type":"box","text":"shareholder holds shares of the Fund as capital assets. Distributions in excess of a Fund’s minimum distribution requirements, but not in","page_number":126,"box":{"x":46,"y":169,"width":874,"height":11}},{"id":"e8e59bbe-4301-49a0-bcd3-82892e92ccf4","block_type":"box","text":"excess of the Fund’s earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital.","page_number":126,"box":{"x":46,"y":183,"width":803,"height":11}},{"id":"3d523f97-635f-4231-8ea0-db20646b6781","block_type":"box","text":"Qualified Dividend Income.","page_number":126,"box":{"x":46,"y":206,"width":166,"height":9}},{"id":"96912cfb-4dbe-4a38-bd84-5a98800a2bf9","block_type":"box","text":"Distributions by a Fund that qualify as qualified dividend income, if any, are taxable to you at long-term capital","page_number":126,"box":{"x":219,"y":206,"width":702,"height":11}},{"id":"43d7fe7c-e140-4fd5-90f1-e1cc366d25ff","block_type":"box","text":"gain rates. Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by a Fund.","page_number":126,"box":{"x":46,"y":220,"width":848,"height":11}},{"id":"cc62d6cc-3c11-47dc-b5e5-166a229954d9","block_type":"box","text":"Generally, qualified dividend income includes dividend income from stock issued by taxable U.S. corporations and qualified non-U.S.","page_number":126,"box":{"x":46,"y":235,"width":846,"height":10}},{"id":"0a4af3f2-e256-40c1-8d35-b84ce313d1a1","block_type":"box","text":"corporations, provided that the Fund satisfies certain holding period requirements and has not hedged its position in the stock in certain","page_number":126,"box":{"x":46,"y":249,"width":872,"height":11}},{"id":"65c30fa2-dd58-4525-a3e2-286f927acf0d","block_type":"box","text":"ways. For this purpose, a qualified non-U.S. corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive","page_number":126,"box":{"x":45,"y":263,"width":892,"height":11}},{"id":"888d5eba-70ff-41a0-a7de-c08bbc896f50","block_type":"box","text":"income tax treaty with the U.S., which includes an exchange of information program, or if the stock with respect to which the dividend was","page_number":126,"box":{"x":46,"y":277,"width":886,"height":11}},{"id":"434c9f43-fea3-4880-995e-6387b9b4012f","block_type":"box","text":"paid is readily tradable on an established U.S. securities market. The term excludes a corporation that is a passive foreign investment","page_number":126,"box":{"x":46,"y":291,"width":853,"height":11}},{"id":"02973cc3-e74a-48c6-8104-235be1d6384e","block_type":"box","text":"company.","page_number":126,"box":{"x":46,"y":308,"width":60,"height":8}},{"id":"6c9097c0-615e-4cc3-974b-ad2f65d2a370","block_type":"box","text":"Dividends received by a Fund from a RIC, if any, generally are qualified dividend income only to the extent that such dividend distributions are","page_number":126,"box":{"x":46,"y":329,"width":905,"height":11}},{"id":"c36c4285-39f2-41c2-83f2-6a90d447552f","block_type":"box","text":"made out of qualified dividend income received by such RIC. Additionally, it is expected that dividends received by a Fund from a REIT, if any,","page_number":126,"box":{"x":46,"y":343,"width":901,"height":11}},{"id":"210a5248-f57a-4710-ad85-2cd2138a46c1","block_type":"box","text":"and distributed to a shareholder generally will be taxable to the shareholder as ordinary income. However, a Fund may report dividends","page_number":126,"box":{"x":46,"y":357,"width":864,"height":11}},{"id":"1d9e1a4b-edaf-48ed-83aa-ee09236dd129","block_type":"box","text":"eligible for a 20% “qualified business income” deduction for non-corporate U.S. shareholders to the extent that the Fund’s income is derived","page_number":126,"box":{"x":46,"y":371,"width":895,"height":11}},{"id":"e77543ce-90fa-494a-b11c-31f7de00699e","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":126,"box":{"x":45,"y":385,"width":428,"height":11}},{"id":"1c2aa7e7-df0b-4448-ae7a-84207e0b870a","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of stock held without being","page_number":126,"box":{"x":46,"y":409,"width":891,"height":10}},{"id":"6004699a-0e7d-4b67-864d-5ba55ea4a34d","block_type":"box","text":"hedged by the relevant Fund, and with respect to a share of the Fund held without being hedged by you, for 61 days during the 121-day","page_number":126,"box":{"x":46,"y":423,"width":862,"height":11}},{"id":"5c1f0f92-8dd5-44eb-8f1b-4e5acce93549","block_type":"box","text":"period beginning at the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in","page_number":126,"box":{"x":46,"y":437,"width":883,"height":11}},{"id":"4b1c5a81-6868-43d1-a238-2073d34f7c49","block_type":"box","text":"the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date.","page_number":126,"box":{"x":46,"y":451,"width":682,"height":11}},{"id":"d9d560ad-3b70-4f93-9dea-9e54695b512e","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends received deduction for","page_number":126,"box":{"x":46,"y":474,"width":873,"height":11}},{"id":"3b2dd308-779a-4ef1-83f6-1da06be036f4","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":126,"box":{"x":46,"y":489,"width":604,"height":10}},{"id":"66d0e45c-431a-4953-acc2-bb310d235204","block_type":"box","text":"Substitute dividends received by a Fund with respect to dividends paid on securities lent out, if any, will not be qualified dividend income.","page_number":126,"box":{"x":46,"y":512,"width":876,"height":11}},{"id":"6a238efb-bebd-4b17-a9a4-184f42fd7a51","block_type":"box","text":"Medicare Tax.","page_number":126,"box":{"x":46,"y":535,"width":85,"height":8}},{"id":"d8ad054b-86d9-49a4-ac00-328e2e3da9e5","block_type":"box","text":"A 3.8% U.S. federal Medicare contribution tax is imposed on “net investment income,” including, but not limited to, interest,","page_number":126,"box":{"x":136,"y":535,"width":791,"height":11}},{"id":"587f2250-2062-4cfa-b2a6-e0666a1c5fd0","block_type":"box","text":"dividends, and net gain, of U.S. individuals with income exceeding $200,000 (or $250,000 if married and filing jointly) and of estates and","page_number":126,"box":{"x":46,"y":548,"width":875,"height":12}},{"id":"74c6fbb6-1406-4ab4-b0d4-12f9e0226596","block_type":"box","text":"trusts.","page_number":126,"box":{"x":46,"y":564,"width":39,"height":8}},{"id":"e59ebade-5b0e-42c3-8ab9-e13dcd0a39e9","block_type":"box","text":"Alternative Minimum Tax.","page_number":126,"box":{"x":45,"y":587,"width":157,"height":8}},{"id":"461c7440-ddc2-4c6f-a1ab-7c175ed619bc","block_type":"box","text":"The AMT is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but","page_number":126,"box":{"x":208,"y":587,"width":738,"height":10}},{"id":"1ede8c78-5d74-4f6d-bb49-3e04a73ddfd2","block_type":"box","text":"eliminates many deductions and exclusions. The AMT has different tax rates and treats as taxable certain types of income that are","page_number":126,"box":{"x":46,"y":601,"width":833,"height":11}},{"id":"f98130bd-a375-49d1-bb6a-91ea3f7ebf6f","block_type":"box","text":"nontaxable for regular income tax purposes, such as the interest on certain “private activity” municipal bonds. If a taxpayer’s overall AMT","page_number":126,"box":{"x":46,"y":615,"width":877,"height":11}},{"id":"06718c35-a27f-4889-9f25-deecc56eb407","block_type":"box","text":"liability is higher than regular income tax liability, then the taxpayer owes the regular income tax liability plus the difference between the AMT","page_number":126,"box":{"x":46,"y":629,"width":903,"height":11}},{"id":"c236bed3-325b-45e9-a2d2-eb3d96967ab8","block_type":"box","text":"liability and the regular income tax liability.","page_number":126,"box":{"x":46,"y":643,"width":272,"height":11}},{"id":"9d7e4f82-a4a2-4172-8e3b-61576f1f70ee","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":126,"box":{"x":46,"y":666,"width":406,"height":11}},{"id":"3f3a25e6-da56-4d69-a348-e9c0423188c5","block_type":"box","text":"Accruals of “original issue discount” on bonds that a Fund acquires at a discount and adjustments for inflation to the principal amount of an","page_number":126,"box":{"x":45,"y":690,"width":893,"height":11}},{"id":"7d809b8d-a259-4fa4-9ea7-500058ffb262","block_type":"box","text":"inflation-protected U.S. Treasury bond held by a Fund may be included for tax purposes in the Fund’s gross income, even though no cash","page_number":126,"box":{"x":46,"y":704,"width":874,"height":11}},{"id":"6ddd9bf4-2fc7-4900-9b91-7e5425a40699","block_type":"box","text":"attributable to such gross income has at that point been received by the Fund. In such event, the Fund may be required to make annual","page_number":126,"box":{"x":46,"y":718,"width":864,"height":11}},{"id":"6371b363-d442-4158-87b5-8f81ffee0111","block_type":"box","text":"distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to","page_number":126,"box":{"x":46,"y":732,"width":894,"height":11}},{"id":"feb8deb4-44e9-4ecf-a5e6-e68ae351fac0","block_type":"box","text":"raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Fund and additional capital gains","page_number":126,"box":{"x":46,"y":746,"width":897,"height":11}},{"id":"dd088a30-e110-43bc-a2a1-ec0eacaa0726","block_type":"box","text":"distributions to Fund shareholders. In addition, any deflation-related adjustments during the taxable year to an inflation-indexed bond held by","page_number":126,"box":{"x":46,"y":761,"width":904,"height":10}},{"id":"2fc7a7cc-6c2a-40e2-84ae-0c66fda085ed","block_type":"box","text":"a Fund may cause amounts distributed in the taxable year as income to be characterized as a return of capital.","page_number":126,"box":{"x":46,"y":775,"width":706,"height":11}},{"id":"15a616a1-1899-4f30-a80b-01e0f626884f","block_type":"box","text":"Market Discount Bonds","page_number":126,"box":{"x":46,"y":798,"width":162,"height":8}},{"id":"55274580-541d-431f-907d-2fd6fbe10b33","block_type":"box","text":"Any market discount recognized on a bond, including a tax-exempt interest bond, is taxable as ordinary income. A market discount bond is a","page_number":126,"box":{"x":45,"y":821,"width":898,"height":11}},{"id":"4cfa70f8-d97f-4e5a-9ab3-3aa70201504b","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. To the","page_number":126,"box":{"x":46,"y":835,"width":903,"height":11}},{"id":"ae9f48f3-1284-45c9-b8d4-8308e1d89376","block_type":"box","text":"extent that a Fund does not include the market discount in income as it accrues, gains on the Fund’s disposition of such an obligation will be","page_number":126,"box":{"x":46,"y":850,"width":898,"height":10}},{"id":"fbd647b0-a1e1-4232-8c9f-02a7b048d09f","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":126,"box":{"x":46,"y":864,"width":626,"height":11}},{"id":"4b467f68-9de8-45ef-be26-45662366cb4b","block_type":"box","text":"33","page_number":126,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"7d7f82da-0363-4e3b-a76f-c586cd19eece","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":127,"box":{"x":46,"y":46,"width":307,"height":11}},{"id":"deddbfcf-379c-479c-a454-f2e9dca8495b","block_type":"box","text":"A Fund may invest in derivatives and other complex instruments, and such investments may be subject to special and complicated rules.","page_number":127,"box":{"x":45,"y":70,"width":875,"height":10}},{"id":"62bde8cf-31ed-49a9-a3b9-ae00c3d13bf0","block_type":"box","text":"These rules could affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gains, accelerate the","page_number":127,"box":{"x":45,"y":84,"width":861,"height":11}},{"id":"b414fa83-6c80-4920-9863-a75c89aca8a3","block_type":"box","text":"recognition of income to a Fund or defer a Fund’s ability to recognize losses. In addition, these rules may affect the amount, timing or","page_number":127,"box":{"x":46,"y":98,"width":853,"height":11}},{"id":"9d8ff88c-a57b-4bc4-bbad-acbd98796b12","block_type":"box","text":"character of income distributed to you by a Fund. You should consult your personal tax advisor regarding the application of these rules.","page_number":127,"box":{"x":46,"y":112,"width":863,"height":11}},{"id":"5975ef92-f15e-4364-b1aa-e0fdb0ddedc0","block_type":"box","text":"Non-U.S. Income Taxes","page_number":127,"box":{"x":46,"y":135,"width":159,"height":9}},{"id":"19f42cc7-6af3-4684-a508-4b32587df1f0","block_type":"box","text":"Dividends, interest and capital gains (if any) earned by a Fund with respect to securities issued by non-U.S. issuers may give rise to","page_number":127,"box":{"x":46,"y":159,"width":837,"height":10}},{"id":"a9110ad9-6f06-4d42-b844-c43b151d0a65","block_type":"box","text":"withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between certain countries and the U.S. may","page_number":127,"box":{"x":45,"y":173,"width":864,"height":11}},{"id":"b50ce1d0-9239-42c3-9882-569181d5d9b4","block_type":"box","text":"reduce or eliminate such taxes. If, at the close of a year, more than 50% of a Fund’s total assets consist of non-U.S. stocks or securities","page_number":127,"box":{"x":46,"y":187,"width":866,"height":11}},{"id":"8647b27e-00bd-403f-8933-d60981552c0b","block_type":"box","text":"(generally, for this purpose, depositary receipts, no matter where traded, of non-U.S. companies are treated as “non-U.S.”), generally the","page_number":127,"box":{"x":46,"y":201,"width":876,"height":11}},{"id":"87cb241d-5974-4101-b012-aed4a8e493bb","block_type":"box","text":"Fund may “pass through” to you certain non-U.S. income taxes, including withholding taxes, paid by the Fund. This means that you would be","page_number":127,"box":{"x":46,"y":215,"width":896,"height":11}},{"id":"ce3efd96-78b0-4fcf-8879-e321e0772f2f","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to either a corresponding","page_number":127,"box":{"x":46,"y":229,"width":887,"height":11}},{"id":"dd2eb5f0-33b4-4203-87e1-c76429cb1128","block_type":"box","text":"tax deduction in calculating your taxable income or, subject to certain limitations, a credit in calculating your U.S. federal income tax. No","page_number":127,"box":{"x":46,"y":244,"width":874,"height":10}},{"id":"8c189dfa-53c5-4e7d-987a-922e1e1c8e0a","block_type":"box","text":"deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. If a Fund does not pass through","page_number":127,"box":{"x":46,"y":258,"width":896,"height":11}},{"id":"bc47a3a1-5656-45a5-9df7-0eff5b8b3ad7","block_type":"box","text":"non-U.S. taxes, the Fund will be entitled to claim a deduction for certain foreign taxes that it incurs.","page_number":127,"box":{"x":46,"y":272,"width":635,"height":11}},{"id":"d2a92afc-3931-43a4-89ef-a8bac1532acd","block_type":"box","text":"Under certain circumstances, if a Fund receives a refund of foreign taxes paid with respect to a prior year, the value of Fund shares could be","page_number":127,"box":{"x":46,"y":295,"width":896,"height":11}},{"id":"0cff0383-d1ce-45e7-be23-ba250951cc7f","block_type":"box","text":"affected or any foreign tax credits or deductions passed through to shareholders with respect to the Fund’s foreign taxes for the current year","page_number":127,"box":{"x":46,"y":309,"width":902,"height":11}},{"id":"70f8d792-c55c-4959-9c6b-508764df18b3","block_type":"box","text":"could be reduced.","page_number":127,"box":{"x":46,"y":324,"width":113,"height":8}},{"id":"97cb7604-b4a0-4390-9116-51a698946052","block_type":"box","text":"If, at the close of the year, more than 50% of a Fund’s total assets consist of stocks or securities issued by non-U.S. issuers, including","page_number":127,"box":{"x":46,"y":347,"width":853,"height":11}},{"id":"53f20d04-e795-4138-be7d-d9e4ba0dcb78","block_type":"box","text":"depositary receipts (no matter where traded) of non-U.S. companies, or, at the close of each quarter, more than 50% of a Fund’s total assets","page_number":127,"box":{"x":46,"y":361,"width":899,"height":11}},{"id":"bf1f352e-0841-4e18-a0a9-8d1948029ddf","block_type":"box","text":"consist of shares of an Underlying Fund, the Fund may “pass-through” to you certain non-U.S. income taxes (including withholding taxes)","page_number":127,"box":{"x":46,"y":375,"width":876,"height":11}},{"id":"8c1dfbf9-eb44-476b-ae7f-a73d11f98343","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":127,"box":{"x":46,"y":389,"width":509,"height":11}},{"id":"4f820bfb-4145-460e-add2-9ddf69fbd889","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of a Fund, foreign capital gains taxes may not produce associated foreign source","page_number":127,"box":{"x":46,"y":412,"width":880,"height":11}},{"id":"59307b73-7fcc-4754-85f2-3ab16e9981a8","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":127,"box":{"x":46,"y":427,"width":406,"height":11}},{"id":"e24bdab9-6107-445e-8303-624a63e48a3c","block_type":"box","text":"Non-U.S. Shareholders","page_number":127,"box":{"x":46,"y":450,"width":157,"height":8}},{"id":"4603a82e-e090-4eee-ad4a-f8136ee8de4f","block_type":"box","text":"If you are neither a resident nor a citizen of the U.S. or if you are a non-U.S. entity (other than a pass-through entity to the extent owned by","page_number":127,"box":{"x":46,"y":473,"width":889,"height":11}},{"id":"08129d8d-4d14-4ad0-ba23-357ece1236a4","block_type":"box","text":"U.S. persons), a Fund’s ordinary income dividends, if any, generally will be subject to a 30% U.S. federal withholding tax, unless a lower treaty","page_number":127,"box":{"x":46,"y":487,"width":904,"height":11}},{"id":"a229974e-7eee-47fd-a8a8-6e76d604e65e","block_type":"box","text":"rate applies. However, withholding tax generally will not apply to any gain or income realized by a non-U.S. shareholder upon the sale or","page_number":127,"box":{"x":46,"y":501,"width":868,"height":11}},{"id":"77360a00-6bfd-4faf-8a3a-3356b3d97d0b","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by a Fund as capital gain","page_number":127,"box":{"x":46,"y":516,"width":903,"height":10}},{"id":"9555b722-a334-49c0-a31a-0426ce8df1a7","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":127,"box":{"x":46,"y":530,"width":468,"height":11}},{"id":"82ffe80d-a657-4e12-a793-6684a9bbffd1","block_type":"box","text":"Separately, a 30% withholding tax may be imposed on Fund distributions (if any) paid to certain foreign entities, unless such entities comply,","page_number":127,"box":{"x":46,"y":553,"width":896,"height":11}},{"id":"1c1d076d-31df-46df-b99a-f669d49c66e3","block_type":"box","text":"or are deemed compliant, with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of","page_number":127,"box":{"x":46,"y":567,"width":894,"height":11}},{"id":"4bebc999-47ab-4abd-8e54-eaf99d61e6ae","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":127,"box":{"x":46,"y":581,"width":263,"height":11}},{"id":"fb41adda-fb6d-4281-9ed7-708e96ce347e","block_type":"box","text":"Backup Withholding","page_number":127,"box":{"x":46,"y":605,"width":139,"height":10}},{"id":"5e466a8d-2e0f-4621-a6ba-8f9bf9d803e4","block_type":"box","text":"If you are a resident or a citizen of the U.S. and you have not provided a taxpayer identification number or social security number and made","page_number":127,"box":{"x":46,"y":628,"width":890,"height":11}},{"id":"2a5934af-f57e-41cd-b423-aefc83b11372","block_type":"box","text":"other required certifications, by law, backup withholding at a 24% rate will apply to Fund distributions and proceeds (if any).","page_number":127,"box":{"x":46,"y":642,"width":789,"height":11}},{"id":"0acb06c7-d152-44ca-aacc-9a54c4b249b4","block_type":"box","text":"Securities Lending","page_number":127,"box":{"x":46,"y":665,"width":129,"height":11}},{"id":"e1fa3cea-ab4c-4529-9ab5-2bb77c2baa60","block_type":"box","text":"If your shares of a Fund are loaned out pursuant to a securities lending arrangement, you may lose the ability to treat Fund dividends that are","page_number":127,"box":{"x":46,"y":688,"width":902,"height":11}},{"id":"94d5e055-4842-40de-9016-0a65a709c874","block_type":"box","text":"paid while the shares are held by the borrower as qualified dividend income, and you may lose the ability to use non-U.S. tax credits passed","page_number":127,"box":{"x":46,"y":703,"width":892,"height":10}},{"id":"9c7c8911-a637-4dbb-a880-295bd7c83e71","block_type":"box","text":"through by the Fund.","page_number":127,"box":{"x":46,"y":717,"width":131,"height":11}},{"id":"4418564b-580b-4f56-8ee5-25bfd761b0f4","block_type":"box","text":"Fund of Funds","page_number":127,"box":{"x":46,"y":740,"width":98,"height":8}},{"id":"c96b945a-317a-47fa-974c-8b7e267982df","block_type":"box","text":"If a Fund invests in an Underlying Fund, short-term capital gains earned by the Underlying Fund, if any, will be ordinary income when","page_number":127,"box":{"x":46,"y":763,"width":844,"height":11}},{"id":"4158a587-8778-4d72-ac90-add5cdf7a320","block_type":"box","text":"distributed to the Fund and will not be offset by the Fund’s capital losses. To the extent such Fund is expected to invest in an Underlying","page_number":127,"box":{"x":46,"y":777,"width":869,"height":11}},{"id":"0e0f4aef-36ce-4474-b684-d4c664c4c3a5","block_type":"box","text":"Fund, the Fund’s realized losses on sales of shares of the Underlying Fund may be indefinitely or permanently deferred as “wash sales.”","page_number":127,"box":{"x":46,"y":792,"width":865,"height":10}},{"id":"358b4072-659d-4e49-9749-92ec8b45f5f3","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":127,"box":{"x":46,"y":806,"width":642,"height":11}},{"id":"d449548f-60d6-4175-84c1-715d0dffc20d","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":127,"box":{"x":45,"y":829,"width":351,"height":11}},{"id":"ab82b0aa-f7d5-487b-bc20-b1b62f524beb","block_type":"box","text":"Any capital gain or loss realized upon a sale of Fund shares is generally treated as a long-term capital gain or loss if the shares have been","page_number":127,"box":{"x":45,"y":852,"width":877,"height":11}},{"id":"db1d789b-5562-4b25-8213-e1f089f1a6b7","block_type":"box","text":"held for more than one year. Any capital gain or loss realized upon a sale of Fund shares that have been held for one year or less is generally","page_number":127,"box":{"x":46,"y":866,"width":896,"height":11}},{"id":"bdfec3ff-3d50-4559-aa73-637bc881784b","block_type":"box","text":"treated as a short-term capital gain or loss. However, any capital loss on a sale of Fund shares held for six months or less is treated as a","page_number":127,"box":{"x":46,"y":880,"width":870,"height":11}},{"id":"96fb338b-b794-4e0a-9dca-268fc3dea44e","block_type":"box","text":"long-term capital loss to the extent that capital gain dividends were paid with respect to such shares. Any such capital gains, including from","page_number":127,"box":{"x":46,"y":895,"width":892,"height":10}},{"id":"6d07128c-0a94-417b-aba8-82e5162fd03d","block_type":"box","text":"34","page_number":127,"box":{"x":491,"y":944,"width":16,"height":8}},{"id":"e8247ce5-3665-431e-ac1d-b10392d1ed37","block_type":"box","text":"sales of Fund shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal Medicare","page_number":128,"box":{"x":46,"y":46,"width":891,"height":11}},{"id":"724144e3-458d-4579-a76d-fa0793a8b4ad","block_type":"box","text":"contribution tax mentioned above.","page_number":128,"box":{"x":46,"y":61,"width":219,"height":8}},{"id":"2260ba27-22a8-4664-9cbb-4822859ec15d","block_type":"box","text":"Creations and Redemptions","page_number":128,"box":{"x":46,"y":84,"width":192,"height":11}},{"id":"dca51650-f4d4-47a1-8bc7-764f48f140f2","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":128,"box":{"x":46,"y":107,"width":694,"height":11}},{"id":"9a0f03a3-7b1f-4b71-b34d-203a322fe045","block_type":"box","text":"i.e.","page_number":128,"box":{"x":741,"y":107,"width":17,"height":8}},{"id":"fe3bc6f6-6e32-4014-a7f3-6cfefe1b1960","block_type":"box","text":", market makers, large","page_number":128,"box":{"x":760,"y":107,"width":143,"height":11}},{"id":"3d7796e4-c164-4dbd-be25-5f6d6fd8d460","block_type":"box","text":"investors and other financial institutions) in block-size Creation Units or multiples thereof. Fund shares are created or redeemed only in","page_number":128,"box":{"x":46,"y":121,"width":865,"height":11}},{"id":"7e6bd7c6-fc41-438f-aefa-50b1d086f1bb","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":128,"box":{"x":46,"y":135,"width":650,"height":11}},{"id":"5ed4135d-8391-4f3e-9b17-6db7efb57633","block_type":"box","text":"Each Authorized Participant is a member or participant of a clearing agency registered with the SEC and has entered into a written","page_number":128,"box":{"x":46,"y":159,"width":833,"height":10}},{"id":"f35de8fa-7cb9-40da-9988-92eab3f79d73","block_type":"box","text":"agreement with the Funds’ Distributor, an affiliate of BFA. The agreement allows the Authorized Participant to place orders for the purchase","page_number":128,"box":{"x":46,"y":173,"width":891,"height":11}},{"id":"2f8b7c38-c03f-4a5e-9791-2c617707db91","block_type":"box","text":"and redemption of Creation Units. Authorized Participants may create or redeem Creation Units for their own accounts or for customers,","page_number":128,"box":{"x":46,"y":187,"width":874,"height":11}},{"id":"f23aa505-ef85-48ae-917b-cdb7577468a8","block_type":"box","text":"including, without limitation, affiliates of the Funds. Creation transactions are subject to acceptance by the Distributor and the relevant Fund.","page_number":128,"box":{"x":46,"y":201,"width":903,"height":11}},{"id":"a1c1ca3c-1302-45c4-ac70-f4b7d4785608","block_type":"box","text":"Generally, there are three transaction methods for creating and redeeming Fund shares: in-kind securities (“in-kind”), partial cash and all","page_number":128,"box":{"x":46,"y":224,"width":875,"height":11}},{"id":"2740f05d-5b93-429b-94da-efeb01b7d1aa","block_type":"box","text":"cash.","page_number":128,"box":{"x":46,"y":239,"width":32,"height":8}},{"id":"1a8b3426-0d1a-4dac-9dc7-ba817e54454b","block_type":"box","text":"In-Kind","page_number":128,"box":{"x":46,"y":262,"width":45,"height":8}},{"id":"a70a07d9-2f10-40be-9eba-3b95ba1d51f6","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a “creation basket,” which is a portfolio of securities or other","page_number":128,"box":{"x":91,"y":262,"width":861,"height":10}},{"id":"a0f03b1b-8e24-42e0-80d9-0a566b1f3a54","block_type":"box","text":"assets designated by the Fund, as well as a cash amount. The Authorized Participant receives a specified number of Creation Units in return.","page_number":128,"box":{"x":46,"y":276,"width":897,"height":11}},{"id":"0c348ba9-24e6-4718-8455-3512f5318f56","block_type":"box","text":"In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a “redemption","page_number":128,"box":{"x":46,"y":290,"width":852,"height":11}},{"id":"c38ecbc9-d5a3-4da2-9c27-b71e98377982","block_type":"box","text":"basket,” which is a portfolio of securities or other assets designated by the Fund, as well as a cash amount.","page_number":128,"box":{"x":46,"y":304,"width":685,"height":11}},{"id":"7670e5f6-5859-40ae-9d55-7bfb850adbf7","block_type":"box","text":"Partial Cash","page_number":128,"box":{"x":46,"y":327,"width":74,"height":9}},{"id":"40cd63e9-82f0-44c4-b4a9-98100bed8347","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a creation basket and a cash amount, including cash","page_number":128,"box":{"x":122,"y":327,"width":806,"height":11}},{"id":"eb660b23-3db5-44ec-9729-a37853e7d7d8","block_type":"box","text":"that replaces a security or other asset in the creation basket, in exchange for Creation Units. In a redemption transaction, an Authorized","page_number":128,"box":{"x":46,"y":342,"width":870,"height":10}},{"id":"eccb15b1-71e4-44da-9ba0-7a069ccc01e0","block_type":"box","text":"Participant deposits Creation Units with a Fund and receives from the Fund a redemption basket and a cash amount, including cash that","page_number":128,"box":{"x":46,"y":356,"width":871,"height":11}},{"id":"44b12894-bef1-49d1-97e2-f2715994b61e","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":128,"box":{"x":46,"y":370,"width":381,"height":11}},{"id":"d35d64ba-7cda-43c4-b1c0-01eb0123ca46","block_type":"box","text":"All Cash","page_number":128,"box":{"x":45,"y":393,"width":51,"height":9}},{"id":"79f40f5b-7061-4b1d-b05b-d6df3c572884","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund an amount of cash specified by the Fund in exchange for","page_number":128,"box":{"x":98,"y":393,"width":832,"height":11}},{"id":"e5bcb863-1e04-411f-a5f1-f89ba52ab6ab","block_type":"box","text":"Creation Units. In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a","page_number":128,"box":{"x":46,"y":407,"width":869,"height":11}},{"id":"23200016-2909-4241-894b-b686f58f62f4","block_type":"box","text":"specified amount of cash.","page_number":128,"box":{"x":46,"y":422,"width":163,"height":10}},{"id":"35891bfc-39dc-4802-bdbb-42c7e15c6683","block_type":"box","text":"The creation and redemption baskets for a Fund may differ in composition, and certain iShares ETFs accept “custom baskets.” More","page_number":128,"box":{"x":45,"y":445,"width":846,"height":11}},{"id":"3d59da81-0d8d-4386-9e8f-21ea8367d422","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":128,"box":{"x":46,"y":459,"width":408,"height":11}},{"id":"ea82c703-43cf-4c33-8e83-b44ae6e10d6e","block_type":"box","text":"Each Fund generally engages in creation and redemption transactions according to the method indicated in the table below. In certain","page_number":128,"box":{"x":46,"y":482,"width":856,"height":11}},{"id":"4d648834-6cc4-4fae-b396-78d0aa44d74e","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":128,"box":{"x":46,"y":496,"width":455,"height":11}},{"id":"72306803-753f-4e96-b24f-5e04cb8afb80","block_type":"box","text":"e.g.","page_number":128,"box":{"x":502,"y":499,"width":20,"height":8}},{"id":"3b5c33d6-ba7d-46e4-aed7-bb163cc361cd","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":128,"box":{"x":525,"y":496,"width":353,"height":11}},{"id":"61ecdc6c-d685-4d0c-af19-c07787c1832e","block_type":"box","text":"Fund","page_number":128,"box":{"x":57,"y":528,"width":32,"height":8}},{"id":"827be10d-6163-44cc-919c-9ed981d20390","block_type":"box","text":"In-Kind Partial All Cash","page_number":128,"box":{"x":590,"y":528,"width":297,"height":8}},{"id":"1afdd38b-cf93-4c7a-a337-a855567821c9","block_type":"box","text":"iShares Asia 50 ETF","page_number":128,"box":{"x":57,"y":546,"width":125,"height":8}},{"id":"73c83655-8505-4b9e-930c-8067285bd2fe","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":128,"box":{"x":57,"y":564,"width":208,"height":8}},{"id":"805c9419-8d05-4f55-aa7a-083a12eec437","block_type":"box","text":"iShares Copper and Metals Mining ETF","page_number":128,"box":{"x":57,"y":582,"width":246,"height":11}},{"id":"f2e7910f-dd38-40ee-afae-146c9b8fcf69","block_type":"box","text":"iShares Emerging Markets Infrastructure ETF","page_number":128,"box":{"x":57,"y":600,"width":286,"height":11}},{"id":"dc6f0664-31ed-4797-9583-01804a008059","block_type":"box","text":"iShares Environmental Infrastructure and Industrials ETF","page_number":128,"box":{"x":57,"y":618,"width":360,"height":8}},{"id":"9851867d-5570-4fce-98b3-67dbec07f079","block_type":"box","text":"iShares Future AI & Tech ETF","page_number":128,"box":{"x":57,"y":636,"width":182,"height":8}},{"id":"adc3b93d-38af-4ed6-a700-8fcd7de16a43","block_type":"box","text":"iShares Future Metaverse Tech and Communications ETF","page_number":128,"box":{"x":57,"y":654,"width":363,"height":8}},{"id":"634e9f3a-ceac-4b35-a59e-cc4d80a96333","block_type":"box","text":"iShares India 50 ETF","page_number":128,"box":{"x":57,"y":672,"width":129,"height":8}},{"id":"d48d03c7-2b83-489a-8674-b97ac6352859","block_type":"box","text":"iShares International Dividend Growth ETF","page_number":128,"box":{"x":57,"y":690,"width":269,"height":8}},{"id":"20e1cd42-dcc6-4c2a-939f-d928231327c9","block_type":"box","text":"iShares Latin America 40 ETF","page_number":128,"box":{"x":57,"y":708,"width":187,"height":9}},{"id":"da471ab2-b46a-4657-9334-0158e03004e4","block_type":"box","text":"iShares Lithium Miners and Producers ETF","page_number":128,"box":{"x":57,"y":726,"width":270,"height":9}},{"id":"4e7a2ff2-764a-4f56-aa26-2bf4e888cfaf","block_type":"box","text":"The prices at which creations and redemptions occur are based on the next calculation of a Fund’s NAV after a creation or redemption order","page_number":128,"box":{"x":45,"y":756,"width":897,"height":11}},{"id":"6b6d2936-2ff7-4ae2-9d04-b6fa8833040e","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. 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The Board","page_number":128,"box":{"x":45,"y":859,"width":849,"height":11}},{"id":"40c19bbd-8939-4925-8fd5-a6975a2e8b5e","block_type":"box","text":"determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of Fund shares","page_number":128,"box":{"x":46,"y":873,"width":876,"height":11}},{"id":"9ee24b9d-5198-4dcd-9a3b-3f6282b3d6ea","block_type":"box","text":"because each Fund generally sells and redeems its shares directly through transactions that are in-kind and/or for cash, with a deadline for","page_number":128,"box":{"x":46,"y":888,"width":894,"height":10}},{"id":"7b67391b-4d9f-475b-9061-8aa1820f8b04","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. 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